FINANCIAL FOCUS: New Tax Laws for 2026 That You Should Know
The new year brings more than resolutions and fresh starts; it also ushers in several tax changes that could affect your wallet. Whether you’re saving for retirement, funding your child’s education or supporting your favorite charity, here are a few things you need to know about the tax landscape in 2026.
More room to save for retirement and healthcare. There’s good news for savers: Contribution limits for retirement accounts are going up. If you’re under 50, you can now contribute up to $7,500 to an IRA, which is up from $7,000 in 2025. Those 50 and older can contribute an additional $1,100, for a total of $8,600.
The limits for 401(k), 403(b) and governmental 457(b) plans are also increasing, with workers younger than 50 able to defer up to $24,500. Visit IRS.gov and search “401k limit increases” for an article outlining the details.
Health savings account limits are rising too. In 2026, individual coverage increased to $4,400 and family coverage to $8,750. If you are age 55 or older and are not enrolled in Medicare, you can contribute an additional $1,000 as a catch-up contribution.
