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 Limitation 2016 2017 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.
For more information CLICK HERE
IRS Announces 2017 Plan Limits
|
October 27, 2016