Contribution Limits
<p “=””>401K $18,000 for 2016 and 2017. The addition catch up amounts for individuals who are 50 or older before the end of the tax year is $6,000 for 2016 and 2017.<p “=””>IRA $5,500 for 2016 and 2017. The addition catch up amounts for individuals who are 50 or older before the end of the tax year is $1,000 for 2016 and 2017.
<p “=””>Saver’s Credit Income limits for this credit are $62,000 for married couples filing jointly, up from $61,500; $46,500 for heads of household, up from $46,125; and $31,000 for singles and married individuals filing separately, up from $30,750.
<p “=””>Phaseout amounts for allowable IRA deductions have increased slightly.
- For single taxpayers covered by a workplace retirement plan, the phase-out range is $62,000 to $72,000, up from $61,000 to $71,000.
- For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $99,000 to $119,000, up from $98,000 to $118,000.
- For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $186,000 and $196,000, up from $184,000 and $194,000.
- For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.