You'll be able to contribute slightly more to your 401k, 403b and 457 workplace retirement plans in 2012 under changes the Internal Revenue Service announced last week. The changes, made to reflect increases in the cost of living, also raised certain adjusted gross income limits for contributions to individual retirement accounts.
Beginning next year you'll be able to contribute $17,000 to your workplace retirement plan, up from the current $16,500.
The income phase-outs have been increased for contributions to your IRAs. For example, the adjusted gross income phase-out range for taxpayers making contributions to a Roth IRA next year is $173,000 to $183,000 for married couples filing jointly, up from $169,000 to $179,000 in 2011.
For all of the details, click here to view the IRS announcement.
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