No. of Recommendations: 2
TTRoberts wrote:

<< I could be wrong, but aren't the limit increases dependent upon which state you live in? >>

No. The limits are set by the federal government since its a fed program.

I know I've seen posts cautioning people that just because the IRA limit has been raised for federal income tax, it isn't automatically raised for state income tax (in states with income tax). The state legislature must pass their own tax bill to make the change to match the federal change.

In practice, I gather that state legislatures almost always do so, but sometimes are slow to get around to it.

My state of Georgia was one where it took a while, although I think it finally has.

Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.