Expect the 2017 401(k) payin cap to remain $18,000. Folks born before 1968 can put in $6,000 more. Ditto for 403(b) and 457 plans. The cap on SIMPLEs will stay at $12,500. People age 50 or older in 2017 can contribute an extra $3,000. But some dollar ceilings on retirement plans will be a bit higher next year: The payin limitation for defined contribution plans will increase to $54,000.
And retirement plan contributions can be based on up to $270,000 of salary.
The 2017 payin caps for IRAs and Roth IRAs will also stay steady, at $5,500, plus $1,000 as an additional catch-up contribution for individuals age 50 and older. But the income ceilings on Roth IRA contributions will rise, phasing out at AGIs of $186,000 to $196,000 for couples and $118,000 to $133,000 for singles.
And deduction phaseouts for regular IRAs will start at higher levels in 2017, from AGIs of $99,000 to $119,000 for couples and $62,000 to $72,000 for singles. If only one spouse is covered by a plan, the phaseout zone for deducting a contribution for the uncovered spouse will start at $186,000 of AGI and end at $196,000.