2017 Tax Changes for Retirement Savings Plans

Most key dollar ceilings on retirement plans do not change for 2017:

The 401(k) contribution limit remains $18,000, but folks born before 1968 can put in $6,000 more. These payin maximums apply to 403(b) and 457 plans, too. The cap on SIMPLEs stays at $12,500…$15,500 for individuals age 50 and older. However, the payin limit for defined contribution plans goes up to $54,000. And retirement plan contributions can be based on up to $270,000 of salary.

The 2017 payin limits for IRAs and Roth IRAs also stay steady at $5,500, plus $1,000 as an additional catch-up contribution for taxpayers age 50 and up.

Deduction phaseouts for regular IRAs start at higher levels in 2017, from $99,000 to $119,000 of AGI for couples and from $62,000 to $72,000 for singles. If only one spouse is covered by a plan, the phaseout zone for deducting a contribution for the uncovered spouse rises a bit. It’ll start at $186,000 of AGI and end at $196,000.

The income ceilings on Roth IRA payins tick upward. They phase out at AGIs of $186,000 to $196,000 for couples and $118,000 to $133,000 for singles.