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IRA Contribution Limits for 2017 [Chart]

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If you still need to contribute to your self-directed IRA, consider doing so before the tax deadline of April 18, 2017. In order to maximize your tax benefits and make the most of your retirement savings in 2017, it is advised to start making these contributions earlier in the year. Below is a chart with some helpful numbers for contributions this year:

 

 

 

Individual Retirement Plans

 

Traditional IRA and Roth IRA Contribution Limits 2016 2017
Up to age 50 $5,500 $5,500
Catch-Up Contributions Age 50+  $1,000 $1,000
Total Contribution if Over the Age of 50  $6,500 $6,500

 

Roth IRA Contribution Limits MAGI Phase-Out Ranges 2016 2017
Single Individuals $117,000 - $132,000 $118,000 - $133,000
Married, Filing a Joint Tax Return  $184,000 - $194,000 $186,000 - $196,000
Married, Filing Separate Tax Returns  $0 - $10,000 $0 - $10,000

 

Traditional IRA Modified Adjusted Gross Income Limits 2016 2017
Single Active Participant  $61,000 - $71,000 $62,000 - $72,000
Married Active Participant, Filing Joint Tax Return $98,000 - $118,000 $99,000 - $119,000
Married Active Participant, Filing Separate Tax Returns $0 - $10,000 $0 - $10,000
Spouse of an Active Participant  $184,000 - $194,000 $186,000 - $196,000

 

Small Business Retirement Plans

 

SIMPLE IRA Contribution Limits 2016  2017
Employee Elective Deferrals $12,500 $12,500
Catch-Up Elective Deferral Contribution Age 50+  $3,000* $3,000*
Your employer can elect from two different contribution methods. Check with your employer which option they have chosen. Employer contributions are in addition to your elective deferrals.

 

SEP IRA Contribution Limits 2016 2017
SEP Employer Contribution Limits Up to 25% of compensation, with a maximum of $53,000* Up to 25% of compensation, with a maximum of $54,000*
SEP Current Year Compensation Limits $600 $600

 

Individual 401(k) Plan 2016 2017
Employer Contributions Up to $53,000 Up to $54,000
Employee Elective Deferrals Up to $18,000 Up to $18,000
Catch-Up Elective Deferral Contribution Age 50+ Up to $6,000 Up to $6,000
*The employer can contribute up to 25% of your compensation up to the maximum limit.  Employer contributions and employee elective deferrals in aggregate may not exceed $53,000 for 2016 and $54,000 for 2017 combined. Compensation limits and deductibility apply so contact your employer for further information.

 

Other Tax-Advantaged Plans

 

Coverdell ESA Contribution Limits 2016 2017
Per year until the child is age 18, unless the child has special needs. $2,000 $2,000

Health Savings Accounts 2016 2017
High Deductibles/Out of Pocket Limits
Single Coverage - Minimum/Maximum $1,300/$6,550 $1,300/$6,550
Family Coverage - Minimum/Maximum $2,600/$13,100 $2,600/$13,100
Health Savings Account Contribution Limits
Single Coverage $3,350 $3,400
Family Coverage $6,750 $6,750
Plus $1,000 catch-up contribution if you are age 55+


Remember, you still have time to open a self-directed IRA and contribute before the tax deadline, but you must act soon!  Contact us today to get started.

 

The Entrust Group does not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with qualified professional(s) licensed in that area. This section of our website is devoted to providing clients and potential client with educational information. It is in no way intended as tax advice.

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