2017 Key Financial Planning Numbers
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
