IRS contribution limits to retirement plans for 2017 are largely unchanged.  The maximum SEP contribution limit has gone up $1,000 to $54,000. Taxpayers can deduct IRA contributions if they meet certain conditions.   One condition is that deductions are ‘phased out’ based on your level of income.  The phase-outs also depend on whether the taxpayer or […] Read the full article…

Last month the IRS announced 2016 Pension Plan / 401(k) Contribution Limits.  401k elective deferrals remain unchanged at $18,000.  As well, catch-up contributions allowed for those 50 and older are unchanged at $6,000. Several of the phase-out limits were adjusted up.  For IRA contributors not covered by a workplace retirement plan and is married to […] Read the full article…