IRS Announces 2017 Retirement Plans Contributions Limits

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments affecting contribution limitations for pension plan and other retirement account savings for the 2017 tax year. Highlights of the changes include:

  • The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all increased for 2017.
  • Phase-out ranges increased for single taxpayers, as well as married couples filing jointly.
  • Income limit for the saver’s credit (also known as the retirement savings contributions credit) increased.

For a detailed description of both adjusted and unchanged limitations, see the IRS website.