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Tax Center

IRA Limits

IRS annual contribution limits for retirement savings accounts:

Provision

2017

2016

Maximum annual IRA contribution (under age 50)

$5,500

$5,500

Maximum annual IRA contribution (age 50 or over)

$6,500

$6,500

Maximum annual 401(k), 403(b), or 457 salary-deferral limit (under age 50)

$18,000

$18,000

Maximum annual 401(k), 403(b), or 457 salary-deferral limit (age 50 or over)

$24,000

$24,000

Maximum annual additions limit under defined contribution plan

$54,000

$53,000

Maximum includible compensation for computing contributions

$270,000

$265,000

Maximum SIMPLE salary-deferral limit (under age 50)

$12,500

$12,500

Maximum SIMPLE salary-deferral limit (age 50 or over)

$15,500

$15,500

Minimum annual compensation for determining a "highly compensated" employee (used in 401(k) nondiscrimination tests)

$120,000

$120,000

Minimum annual compensation amount for SEP participation

$600

$600

 

Note: The Social Security Taxable Wage Base — the maximum compensation on which Social Security taxes are withheld is $118,500 in 2016.

 

 

 

 

 

FAM Funds: Tax Center - IRA Limits
Valuable information for our shareholders regarding Internal Revenue Service (IRS) annual contribution limits for retirement savings accounts.