2017 contribution limits
and tax reference

Tax-advantaged accounts

Traditional IRA

Under age 50: Up to $5,500 Age 50 and above: Up to $6,500*

Phase-out ranges for IRA contribution deductibility for individuals covered by an employer plan:

Married, filing jointly $99,000 – $119,000 MAGI
Married, filing separately $0 – $10,000 MAGI
Single or head of household $62,000 – $72,000 MAGI
Married, filing jointly,
IRA for non-covered spouse
$186,000 – $196,000 MAGI

Full deduction is permitted below phase-out range, scaled partial deduction is permitted within range and no deduction is permitted above range.

  • Taxpayers can instruct the IRS to directly deposit their tax refund into their IRA. Current contribution limits apply.
  • Non-spouses can directly roll inherited assets from any eligible retirement plan into a traditional IRA. Current “inherited IRA” rules apply.

Roth IRA

Under age 50: Up to $5,500 Age 50 and above: Up to $6,500*

Phase-out ranges for Roth contribution eligibility:

Married, filing jointly $186,000 – $196,000 MAGI
Married, filing separately $0 – $10,000 MAGI
Single or head of household $118,000 – $133,000 MAGI

Full contribution is permitted below phase-out range, scaled partial contribution is permitted within range and no contribution is permitted above range.

SEP IRA

  • Up to the lesser of $54,000 or 25% of eligible compensation with a $265,000 compensation cap per employee.
  • Minimum of $600 in compensation required to participate in SEP

SIMPLE IRA

Under age 50: $12,500 Age 50 and above: $15,500

401(k), 403(b), 457§, SARSEP

Under age 50: $18,000 Age 50 and above: $24,000||

Uni-k Plans

Under age 50: $18,000 Age 50 and above: $24,000||

Plus an additional 25% of income as defined by the plan, or approximately 20% of your self employment income. Total contributions to a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $54,000.

Defined benefit plan

$215,000. For a participant who separated from service before January 1, 2017, the limitation for defined benefit plans under Section 415(b)(1) (B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2016, by 1.0112.

Highly compensated employee (Section 414)

An individual who owned more than 5% of the interest in the business at any time during the year or the preceding year, or for the preceding year, received compensation from the business of more than $120,000, and, if the employer so chooses, was in the top 20% of employees when ranked by compensation.

Education accounts

Section 529 college savings account

No age or income restrictions for contributions or beneficiaries.

Annual single
contribution#
per beneficiary
Five-year
contribution made
in a single year**
per beneficiary
Single $14,000 $70,000
Married, filing jointly $28,000 $140,000

Tax-free treatment applies to withdrawals used to pay for qualified higher-education expenses. The Pension Protection Act of 2006 made this benefit permanent. The earnings portion of withdrawals used for non-qualified expenses continue to be subject to federal income taxes plus an additional 10% tax penalty and may be subject to state income or other taxes.

Coverdell education savings account

Beneficiaries under age 18 and special-need beneficiaries of any age: $2,000

Phase-out ranges:

Single $95,000 – $110,000 MAGI
Married, filing jointly $190,000 – $220,000 MAGI

Federal tax brackets

Married, filing jointly

Taxable incomeTax rate
$0 - $18,650 10% of taxable income
$18,651 - $75,900 $1,865 plus 15% of the amount over $18,650
$75,901 - $153,100 $10,452.50 plus 25% of the amount over $75,900
$153,101 - $233,350 $29,752.50 plus 28% of the amount over $153,100
$233,351 - $416,700 $52,222.50 plus 33% of the amount over $233,350
$416,701 - $470,700 $112,728 plus 35% of the amount over $416,700
$470,701 + $131,628 plus 39.6% of the amount over $470,700

Married, filing separately

Taxable incomeTax rate
$0 - $9,325 10% of taxable income
$9,326 - $37,950 $932.50 plus 15% of the amount over $9,325
$37,951 - $76,550 $5,226.25 plus 25% of the amount over $37,950
$76,551 - $116,675 $14,876.25 plus 28% of the amount over $76,550
$116,676 - $208,350 $26,111.25 plus 33% of the amount over $116,675
$208,351 - $235,350 $56,364 plus 35% of the amount over $208,350
$235,351 + $65,814 plus 39.6% of the amount over $235,350

Single

Taxable incomeTax rate
$0 - $9,325 10% of taxable income
$9,326 - $37,950 $932.50 plus 15% of the amount over $9,325
$37,951 - $91,900 $5,226.25 plus 25% of the amount over $37,950
$91,901 - $191,650 $18,713.75 plus 28% of the amount over $91,900
$191,651 - $416,700 $46,643.75 plus 33% of the amount over $191,650
$416,701 - $418,400 $120,910.25 plus 35% of the amount over $416,700
$418,401 + $121,505.25 plus 39.6% of the amount over $418,400

Head of household

Taxable incomeTax rate
$0 - $13,350 10% of taxable income
$13,351 - $50,800 $1,335 plus 15% of the amount over $13,350
$50,801 - $131,200 $6,952.50 plus 25% of the amount over $50,800
$131,201 - $212,500 $27,052.50 plus 28% of the amount over $131,200
$212,501 - $416,700 $49,816.50 plus 33% of the amount over $212,500
$416,701 - $444,550 $117,202.50 plus 35% of the amount over $416,700
$444,551 + $126,950 plus 39.6% of the amount over $444,550

Estates and trusts

Taxable incomeTax rate
$0 - $2,550 15% of the taxable income
$2,550 - $6,000 $382.50 plus 25% of the excess over $2,550
$6,000 - $9,150 $1,245 plus 28% of the excess over $6,000
$9,150 - $12,500 $2,127 plus 33% of the excess over $9,150
Over $12,500 $3,232.50 plus 39.6% of the excess over $12,500

Long-term capital gains and qualified dividend distributions

Long-term capital gains 15%*
Qualified dividends 15%*
Gains on collectibles 28%
Unrecaptured 1250 depreciation 25%

Gift tax exclusions

Gift tax annual exclusion $14,000
Annual exclusion for gifts to non-citizen spouse $147,000

Social Security

Annual figures

Maximum earnings subject to FICA $127,200
Cost-of-living increase 0.3%

Taxation of benefits

Provisional income (MAGI plus 1/2 of Social Security benefits) determines amount of Social Security benefits that are taxable.

Married, filing jointly
50% taxable/85% taxable
$32,000/$44,000
Single and head of household
50% taxable/85% taxable
$25,000/$34,000

Benefits withholding

Prior to FRA $1/$2 of the earnings above $16,920
Year of FRA $1/$3 of the earnings above $44,880

Deductions

Standard deductions

Married, filing jointly $12,700
Married, filing separately $6,350
Single $6,350
Head of Household $9,350

Exemptions

Personal $4,050
Kiddie tax $1,050§