By: Todd Schanel, CFA, CPA, CFP®
on December 2, 2016
Annual contribution limits for retirement savings accounts for 2016 and 2017, as established by the IRS, are listed below. Please keep in mind that contributions to Traditional IRAs, Roth IRAs, and SEP IRAs can be made up until the time your tax return is due, including extensions.
|
2016 |
2017 |
| Maximum Annual Traditional IRA contribution (under age 50) |
$5,500 |
$5,500 |
| Maximum Annual Traditional IRA contribution (age 50 or over) |
$6,500 |
$6,500 |
|
|
|
| Maximum Annual Roth IRA contribution (under age 50) |
$5,500 |
$5,500 |
| Maximum Annual Roth IRA contribution (age 50 or over) |
$6,500 |
$6,500 |
|
|
|
| Maximum Annual 401k, 403b or 457 salary deferral limit (under age 50) |
$18,000 |
$18,000 |
| Maximum Annual 401k, 403b or 457 salary deferral limit (age 50 or over) |
$24,000 |
$24,000 |
|
|
|
| Maximum SIMPLE salary deferral limit (under age 50) |
$12,500 |
$12,500 |
| Maximum SIMPLE salary deferral limit (age 50 or over) |
$15,500 |
$15,500 |
|
|
|
| Maximum employer SEP IRA contribution to an employee’s SEP*or solo 401k |
$53,000 |
$54,000 |
| *the lesser of 25% of employee’s compensation and the listed amounts |
|
|
|
|
|
Maximum Contribution to Health Savings Account
Individual
Family
HSA Catch-Up Contribution (age 50 or older) |
$3,350
$6,750
$1,000 |
$3,400
$6,750
$1,000 |
Glenn Schanel is the founding Principal of Schanel and Associates. Glenn Schanel is a CPA with over three decades of experience helping people and organizations manage, make sense of and benefit from their finances. He oversees areas that include auditing, accounting, tax, business valuation, forensic accounting, litigation support and other consulting services to both business and individual clients. Schanel & Associates is a CPA firm specializing in accounting, tax, business valuation and litigation support serving Palm Beach, Martin and St. Lucie Counties and beyond since 1993. Our CPAs and accounting professionals work with individuals, businesses, estates and trusts to provide everything you need under one roof. For more information, contact us today at 561-624-2118. Todd Schanel has been a principal at Schanel & Associates since 2004, where he specializes in financial planning, tax planning and consulting services. He also serves as Founding Principal and Director of Investment Advisory Services at Core Wealth Management, our sister company, where he leads an accomplished professional team offering independent and objective financial advice to help clients achieve their financial goals. Todd has been a CFA Charterholder since 2005, and in 2007 he earned his Certified Financial Planner® designation and became a licensed CPA. In 2015, he earned the Certified Valuation Analyst (CVA) designation.
