Federal Retirement Account Tax Tables

2018

RETIREMENT ACCOUNT CONTRIBUTION LIMITS
Plan Type Regular Catch-Up (Age 50+)
Roth IRA $5,500 $6,500
Traditional IRA $5,500 $6,500
401(k) & 403(b) $18,500 $24,500
457 Plans $18,500 $24,500
SIMPLE IRA $12,500 $15,500
Defined Contribution $55,000

 

TRADITIONAL IRA CONTRIBUTION DEDUCTION LIMITS ON QUALIFIED RETIREMENT PLAN PARTICIPANTS4
Filing Status Phase-out Begins No Contribution Permitted
Single/Head of Household/Married, Filing Separately (did not live w/spouse) $63,000 $73,000
Married, Filing Separately (lived w/spouse at any time during year) $0 $10,000
Married, Filing Jointly $101,000 $121,000

 

ROTH IRA CONTRIBUTION DEDUCTION LIMITS
Filing Status Phase-out Begins No Contribution Permitted
Single/Head of Household/Married, Filing Separately (did not live w/spouse) $120,000 $135,000
Married, Filing Separately (lived w/spouse at any time during year) $0 $10,000
Married, Filing Jointly $189,000 $199,000

 

OTHER PLANS & COMPENSATION
Defined Benefit Plan Annual Benefit Limit $220,000
Highly Compensated Employee Under 414(q)(1) $120,000
Foreign Earned Income Exclusion $104,100
4Deductions for IRA contributions for taxpayers who are eligible for a qualified plan may be limited

 

2017

SINGLE
ROTH & Traditional IRA Contribution Limits
Regular $5,500
Catch-up (Age 50+) $6,500
ROTH IRA Contribution Phase Out
Single $118,000 – $133,000
Traditional IRA Contribution Deductibility
Filing Status Modified AGI1 Contribute…
Single < $118,000 Up to the limit
Single ≥ $118,000 but < $133,000 Partial
Single ≥ $133,001 Zero
1AGI = Adjusted Gross Income

 

MARRIED FILING JOINTLY
ROTH & Traditional IRA Contribution Limits
Regular $5,500
Catch-up (Age 50+) $6,500
ROTH IRA Contribution Phase Out
Married Filing Jointly $186,000 – $196,000
Traditional IRA Contribution Deductibility
Filing Status Modified AGI1 Contribute…
Married Filing Jointly < $186,000 Up to the limit
Married Filing Jointly ≥ $186,000 but < $196,000 Partial
Married Filing Jointly ≥ $196,000 Zero
1AGI = Adjusted Gross Income

 

HEAD OF HOUSEHOLD
ROTH & Traditional IRA Contribution Limits
Regular $5,500
Catch-up (Age 50+) $6,500
ROTH IRA Contribution Phase Out
Head of Household $118,000 – $133,000
Traditional IRA Contribution Deductibility
Filing Status Modified AGI1 Contribute…
Head of Household < $118,000 Up to the limit
Head of Household ≥ $118,000 but < $133,000 Partial
Head of Household ≥ $133,001 Zero
1AGI = Adjusted Gross Income

 

QUALIFIED PLANS
Max Elective Deferral To 401(k) & 403(b) $18,000
Max Elective Deferral To 457 Plans (Tax-Exempt ER) $18,000
401(k), 403(b), 457 Catch-Up Contribution (Age 50 +) $6,000
Max Elective Deferral To SIMPLE IRA¹ $12,500
SEP²-IRA & Solo 401(k) Annual Limit $54,000
Defined Benefit Plan Annual Benefit Limit $215,000
Highly Compensated Employee Threshold $120,000
Annual Compensation Limit $270,000
Key Employee In Top-Heavy Plan Threshold $170,000
1IRA = Individual Retirement Account
2SEP = Simplified Employee Pension Plan

 

The information presented here is not intended to be a comprehensive analysis. Cherry Bekaert Benefits Consulting is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax and related regulation.

Cherry Bekaert Benefits Consulting, LLC is a Chernoff Diamond Affiliate. Chernoff Diamond & Co., LLC is a Managing Member of Cherry Bekaert Benefits Consulting. Chernoff Diamond & Co., LLC offers Investment Advisory Services through M Holdings Securities, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. Chernoff Diamond & Co., LLC is independently owned and operated. Chernoff Diamond & Co., LLC, is a member of M Financial Group. Please visit mfin.com/DisclosureStatement.htm for further details involving this relationship.

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