Time to Reset for Taxes in 2025  

Now that we're officially into the 2025 tax year, it's important to remember that new tax limitations will apply this year.  401(k) contribution limits have increased to $23,500 plus a catch-up contribution of $7,500 for those who will be age 50 or older in 2025.  A higher catch-up contribution limit now applies for employees aged 60, 61, 62, and 63 who participate in 401(k)s.  In 2025, this higher catch-up contribution limit is $11,250.  Social Security taxes will now apply to the first $176,100 of a taxpayer's earnings.  The flexible spending plan contribution limit has increased to $3,300 and the QSEHRA limit is now $6,350 (or $12,800 for family coverage).  For more information on the 2025 contribution limits, visit Tax Facts Online. Read More: Link to Q3761.  Note: Q is updated.