The Internal Revenue Service recently announced new pension and retirement plan limits for 2017. Many of the limits from 2016 are unchanged, but income phase-outs for IRA contributions, adjusted gross income limits, and the overall defined contribution plan limit show increases from 2016.
A few changes of note.
For single taxpayers covered by a workplace retirement plan, the phase-out range is $62,000-$72,000, up from $61,000-$71,000 in 2016.
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-$119,000, up from $98,000-$118,000.
For an IRA contributor not covered by a workplace retirement plan but married to someone who is covered, the phase-out range is $186,000-$196,000, up from $184,000-$194,000.
For single and heads of household taxpayers contributing to a Roth IRA, the phase-out range is $118,000-$133,000, up from $117,000-$132,000.
For married couples filing jointly contributing to Roth IRA, the phase-out range is $186,000-$196,000, up from $184,000-$194,000.
See the chart for a comparison of 2016 and 2017 limits and ranges. For any additional questions, be sure to contact your WK advisor at (573) 442-6171 or (573) 635-6196.
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