Individual Retirement Accounts (IRA)

  • Contribution Limit = Lesser of $5,500 or 100% of earned income
  • Additional "Catch-up" Limit (age 50 or older) = $1,000
  • Traditional Deductible IRA Compensation Limits (income phase-out range for deductibility if covered by a employer-sponsored plan)
    • Single = $62,000 - $72,000
    • Married Filing Jointly = $99,000 - $119,000
    • Married Filing Separately = $0 - $10,000
    • Not Covered by Employer Plan, but Filing Jointly with Spouse Who is Covered = $186,000 - $196,000
  • Roth IRA Compensation Limits (income phase-out range for ability to fund)
    • Single = $118,000 - $133,000
    • Married Filing Jointly = $186,000 - $196,000
    • Married Filing Separately = $0 - $10,000

Employer Plans - 401(k), 403(b), 457(b), SAR-SEPs

  • Elective Deferral Limits = Lesser of $18,000 or 100% of earned income
  • Additional "Catch-up" Limit (age 50 or older) = $6,000
  • Annual Limit (employer + employee contributions) = $54,000

Health Savings Accounts (HSA)

  • Annual Contribution Amount for Self-only Coverage = $3,400
  • Annual Contribution Amount for Family Coverage = $6,750
  • Additional "Catch-up" Limit (age 55 or older) = $1,000

Flexible Spending Account (FSA) for Health Care

  • Maximum Salary Reduction Contribution = $2,600

Social Security

  • Cost-of-Living-Adjustment (COLA) = 0.30%
  • Under Full Retirement Age - Annual Earnings Limit to Avoid Temporary Withholding = $16,920
  • Reaching Full Retirement Age in 2017 - Annual Earnings Limit to Avoid Temporary Withholding = $44,880

Estate Planning

  • Annual Gift Exclusion = $14,000
  • Gift & Estate Tax Lifetime Exemption = $5,490,000
  • Generation-skipping Transfer Tax Exemption = $5,490,000

Business Planning

  • Maximum Earnings Subject to Social Security Taxes = $127,200
  • Maximum Section 179 Deduction = $510,000
  • Standard Mileage Rate = 53.5 cents per mile