IRS Announces 2017 Plan Limits

IRS Announces 2017 Plan Limits

| October 27, 2016
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The Internal Revenue Service announced today cost of living adjustments affecting dollar limitations for plans for the 2017 tax year. Many of the plan limits remain unchanged from 2016 to 2017.

Listed below are the limits for 2016 and 2017 for your reference and review:

Type of Limitation20162017
401(k)/403(b) 402(g)Elective Deferrals $18,000$18,000
457(b)(2) and 457(c)(1) Elective Deferrals$18,000$18,000
Catch-up Amount (414(v))$6,000$6,000
Annual Compensation$265,000$270,000
Maximum Defined Contribution$53,000$54,000
Highly Compensated Employee$120,000$120,000

This is information is not intended as authoritative guidance or tax or legal advice. You should   consult with your attorney or tax advisor for guidance on your specific situation.

                                            

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