Contribution Limits for IRAs and Other Tax-Advantaged Plans
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INDIVIDUAL PLANS |
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| Traditional 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 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 MAGI Deductibility Phase-Out Ranges | 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 Return | $0 – $10,000 | $0 – $10,000 |
| Spouse of an Active Participant | $184,000 – $194,000 | $186,000 – $196,000 |
| SMALL BUSINESS 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 |
| Employer Contributions: 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 |
| Individual (k) Plan (With or Without Roth Option) | 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 this limit. Compensation limits and deductibility apply. Contact your employer for further information. | ||
| OTHER TAX ADVANTAGE PLANS | ||
| Coverdell ESA Contribution Limits | 2016 | 2017 |
| Per year until the child is 18, unless the child has special needs | $2,000 | $2,000 |
| Health Savings Accounts | 2016 | 2017 |
| High Deductible Health Plans – 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+** | ||