HR Alert

IRS Announces Retirement Plan Limits for 2017

401(k) Contribution Limit Remains Unchanged at $18,000

The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Highlights include:

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans remains unchanged at ,000.
    The catch-up contribution limit for those aged 50 and over remains unchanged at ,000.
    The limit on annual contributions to an individual retirement arrangement (IRA) remains unchanged at $5,500.

The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $62,000 and $72,000, up from $61,000 to $71,000.

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans remains unchanged at ,000.
    The catch-up contribution limit for those aged 50 and over remains unchanged at ,000.

Click here for more information.


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