The IRS has announced the 2017 limits for contributions to
tax-deferred pension plans. The basic numbers remain unchanged – they are the same as 2016.
·
IRA = $5,500
·
IRA Catch-Up Contributions at age 50 and
older = $1,000
·
SIMPLE Plan = $12,500
·
SIMPLE Catch-Up Contributions at age 50 and
older = $3,000
·
401(k), 403(b), 457, and federal Thrift
Savings Plan = $18,000
·
401(k), 403(b), 457, and federal Thrift
Savings Plan Catch-Up Contributions at age 50 and older = $6,000
The
2017 Adjusted Gross Income phase-out ranges for deductible traditional IRA and
ROTH IRA contributions have also been announced. There are minor increases to these ranges. These ranges will be included in the
compilation of “What’s New for 2017” that I am currently putting together. I’ll let you know when it is available to
download.
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