Retirement Jar

Contribution Limits for IRAs and Other Tax-Advantaged Plans

INDIVIDUAL PLANS
Traditional and Roth IRA Contribution Limits  

2016

Up to age 50

$5,500

Catch-Up Contributions Age 50+

$1,000

Total Contribution if Over the Age 50+

$6,500

 

Roth IRA Contribution Limits MAGI Phase-Out Ranges  

2016

Single Individuals

$117,000 – $132,000

Married, Filing a Joint Tax Return

$184,000 – $194,000

Married, Filing Separate Tax Returns

$0 – 10,000

 

Traditional IRA MAGI Deductibility Phase-Out Ranges  

2016

Single Active Participant

$61,000 – $71,000

Married Active Participant, Filing Joint Tax Return

$98,000 – $118,000

Married Active Participant, Filing Separate Tax Return

$0 – $10,000

Spouse of an Active Participant

$184,000 – $194,000

 

SMALL BUSINESS PLANS
SIMPLE IRA Contribution Limits  

2016

Employee Elective Deferrals

$12,500

Catch-Up Elective Deferral Contribution Age 50+

$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

SEP Employer Contribution Limits

Up to 25% of compensation, with a maximum of $53,000

 

Individual (k) Plan (With or Without Roth Option)  

2016

Employer Contributions

Up to $53,000

Employee Elective Deferrals

Up to $18,000

Catch-Up Elective Deferral Contribution Age 50+

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

Per year until the child is 18, unless the child has special needs

$2,000

 

Health Savings Accounts  

2016

High Deductible Health Plans – Deductibles/Out of Pocket Limits
Single Coverage – Minimum/Maximum

$1,300/$6,550

Family Coverage – Minimum/Maximum

$2,600/$13,100

Health Savings Account Contribution Limits
Single Coverage

$3,350

Family Coverage

$6,750

**Plus $1,000 catch-up contribution if you are age 55+**