Employer Plan Deferral Limits (401ks, 403(b) and most government plans): No change. $18,000 and a $6,000 catch-up for those 50 and older.
IRAs (both Traditional and Roth): $5,500 with a $1,000 catch-up. This has been the same for 5 years.
Allowable contributions to Defined benefit plans: $215,000 which is an increase of $5,000
Employer limit for 401k, SEP IRAs and Solo 401k contributions: $54,000 which is an increase of $1,000.
SIMPLE PLAN contribution limit: No change. Still $12,500 with a $3,000 catch-up.
Income Limits for DEDUCTING your IRA contribution:
The amount you can deduct is limited if your income exceeds certain amounts if you are eligible (even if you don’t contribute) to participate in an Employer Plan.
Single range and you are eligible to be in an employer plan $62,000-$72,000
Married Filing Joint and you are eligible to be in an employer plan $99,000-$119,000
Married Filing Joint and you aren’t eligible for a plan but your spouse is $186,000-$196,000
Married Filing Separately*** people: if EITHER you or your spouse is eligible to be in a plan then the allowable deduction is limited if you earn $0-$10,000
*** if filing MFS and you didn’t live with your spouse at all during the year then you go by the Single amount above if you are eligible to be in an employer plan
If neither is in a plan and you file joint then there is no income limit, you can deduct your IRA contribution
Income Limits to put money in a ROTH IRA
Single and head of household $118,000-$133,000
Married filing joint/Qualifying Widow(er) 186,000-196,000
Married Filing Separately 0-10,000