US retirement plans: Key changes announced for 2025
The limit on annual contributions to an IRA will remain at $7,000 and the IRA catch-up contribution limit for people 50 and over remains $1,000 for 2025. The agency last week announced increases to the standard deduction in its annual inflation adjustments for 2025. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024.
For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard deduction, up $600 from 2024. Income thresholds for all seven federal tax bracket levels were also revised upward.
Here’s what the IRS has announced:
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