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ARTICLE · 17 NOVEMBER 2016

Retirement Alert: New Contribution Limits In 2017

Goldin Peiser & Peiser, LLP
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Section 415 of the Tax Code, which limits the allowable contribution amounts to retirement plans, is reviewed every year and cost-of-living adjustments are made.

United StatesEmployment and HR
Goldin Peiser & Peiser, LLP
Goldin Peiser & Peiser, LLP

Section 415 of the Tax Code, which limits the allowable contribution amounts to retirement plans, is reviewed every year and cost-of-living adjustments are made. The IRS has determined that beginning in 2017, some of these limits will go up.

The following contribution amounts will remain the same, at $18,000 per year:

  • 401(k) plans
  • 403(b) plans
  • Most 457 plans
  • Thrift Savings Plans

Here are the changes you can expect for next year:

  • Retirement Savings Contributions Credit (also known as the Saver's Credit) limits will increase for single, married, head-of-household filers
  • Contribution limits to pension funds will increase from $210,000 to $215,000

In addition, there are some changes to IRAs and Roth IRAs regarding phase-outs.

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