IRS Announces 2017 Retirement Plan Inflation Adjusted Limits
The IRS announced in Notice 2016-62 the inflation adjusted limitations imposed on qualified plans for 2016.
|
Type |
2017 Amounts |
2016 Amounts |
|
Maximum annual benefit-DB Plan (§415) |
$ 215,000 |
$ 210,000 |
|
Contribution limit DC Plan (§415) |
54,000 |
53,000 |
|
Annual Compensation Limit (§404(l)) |
270,000 |
265,000 |
|
Catch up Contributions to Employer Plan |
6,000 |
6,000 |
|
Elective Deferrals (§402(g)) |
18,000 |
18,000 |
|
Highly Compensated Employee (§414(q)) |
120,000 |
120,000 |
|
Key Employee Compensation (§416(i)) |
175,000 |
170,000 |
|
SIMPLE Deferral Limitation (§408(p)) |
12,500 |
12,500 |
|
SIMPLE Catch Up Contribution (414(v)(2)(B)) |
3,000 |
3,000 |
|
SEP Compensation Limit (§408(k)) |
600 |
600 |
|
IRA Limitations |
||
|
Maximum IRA Contribution (before catch-up) (§219(b)(5)(A)) |
5,500 |
5,500 |
|
Deduction phases out for individuals that are an active participant in an employer plan for adjusted gross income between |
Single and Head of Household - $62,000 to $72,000 |
Single and Head of Household - $61,000 to $71,000 |
|
Married Filing Joint - $99,000 - $119,000 |
Married Filing Joint - $98,000 - $118,000 |
|
|
Married Filing Separate - $0 - $10,000 |
Married Filing Separate - $0 - $10,000 |
|
|
Deduction phases out for individuals whose spouse is an active participant in a an employer plan phases out between |
$186,000 - $196,000 |
$184,000 - $194,000 |
|
Roth IRA Maximum Contribution Phaseout Begins: |
|
|
|
Married filing joint |
186,000 |
184,000 |
|
Other except married filing separate |
118,000 |
117,000 |