How much can I contribute to my IRA and 401(k) in 2017?
The contribution limits aren't changing in 2017. You'll still be able to contribute up to $18,000 to a 401(k), 403(b), 457 or Thrift Savings Plan. If you're 50 or older anytime in 2017, you can also make a catch-up contribution of up to $6,000, bringing your total to $24,000.
The income limits to qualify for the retirement savers’ tax credit are also rising by a very small amount. To be eligible for the credit, income must be less than $31,000 for single filers, $46,500 for heads of household or $62,000 for married couples filing jointly in 2017. The credit can be worth up to $1,000 per person, or up to $2,000 for married couples, with the size of the credit based on income and the amount of money contributed to a retirement-savings plan, such as a 401(k) or IRA. The lower your income, the larger the credit. If your income is just below the cutoff, the credit is worth up to $200 per person or $400 for a married couple. For more information about the savers' credit, see Who Qualifies for the Retirement Savers' Tax Credit?
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Quiz: How Much Do You Know About Taxes on Social Security Benefits?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
Are You Ready for 65? The Medicare Initial Enrollment Period QuizQuiz Turning 65 soon? Test your basic knowledge of Medicare's Initial Enrollment Period (IEP) rules in our quick quiz.
-
3 Ways to Stretch the 2026 Social Security COLA For Your BudgetThree steps retirees can take to stretch the Social Security COLA to fit their budgets.
-
I'm an Investing Expert: This Is How You Can Invest Like Warren BuffettBuffett just invested $15 billion in oil and gas, and you can leverage the same strategy in your IRA to potentially generate 8% to 12% quarterly cash flow while taking advantage of tax benefits that are unavailable in any other investment class.
-
For a Concentrated Stock Position, Ask Your Adviser ThisThere can be advantages to having a lot of stock in one company, but ‘de-risking’ can help avoid some significant disadvantages.
-
Catch-Up Contributions to Retirement Accounts Boosted By SECURE Act 2.0Americans approaching retirement age can now squirrel away more money in IRAs, 401(k)s, and other retirement accounts.
-
When RMDs Loom Large, QCDs Offer a Gratifying Tax BreakSend money directly to charity from your traditional IRA, and you won’t owe taxes on the amount you donate. It’s a win-win!
-
Save More for Retirement in 2023 Thanks to Higher IRA and 401(k) Contribution LimitsIf you're saving for retirement, you can contribute a lot more to an IRA, 401(k), or other retirement account in 2023.
-
Traditional IRA Contribution Limits for 2022traditional IRA Once again, retirement savers won’t be able to contribute more to traditional IRAs this year, but changes to how they work may be coming.
-
Give Cash Now, Cut Your Estate Tax Latertaxes During this season of giving, take advantage of the annual gift tax exclusion before the year ends.
-
Trading Options for Your 401(k)Employee Benefits About 40% of companies offer self-directed brokerage accounts in their 401(k) plans, giving participants more investing options.
