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UHY LLP Michigan Practice
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ARCHIVE
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IRS ANNOUNCES 2017 PENSION PLAN LIMITATIONS
The Internal Revenue Service has announced the cost-of-living adjustments impacting dollar limitations for pension plans and other retirement related items for tax year 2017. While many limits remain unchanged, see below for the 2017 increases.
| 2017 | 2016 | |
Annual limit on compensation
| $270,000 | $265,000 | | Defined contribution limit | $54,000 | $53,000 | | Defined benefit limitation | $215,000 | $210,000 | | Key employee (officer) compensation threshold | $175,000 | $170,000 | | Social Security wage base | $127,200 | $118,500 |
UNCHANGED
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401(k), 403(b) and 457(b) deferral limits
| $18,000 | $18,000 | 401(k) and 403(b) catch-up deferral limits
| $6,000 | $6,000 | | Highly compensated employee compensation threshold | $120,000 | $120,000 | | SIMPLE deduction | $12,500 | $12,500 | | SIMPLE catch-up contribution | $3,000 | $3,000 | | IRA contribution limit | $5,500 | $5,500 | | IRA catch-up contribution limit | $1,000 | $1,000 |
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US NATIONAL DEBT
As of Tues. November 1 9:00AM EST: $19,806,372,755,375
FEDERAL INTEREST RATES
Prime 3.5%
Federal Funds 0.31%
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Published by UHY LLP News.
Copyright � 2016 UHY LLP. All rights reserved.
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