Tax Summary
2017
IRA | |
IRA contribution (under age 50) | $5,500 |
IRA contribution (50 and older) | $6,500 |
IRA deduction phase out (qualified plan participant)
| |
Single or HOH | $63,000-$73,000 |
Married, filing jointly | $101,000-$121,000 |
Married, filing separately | $0-$10,000 |
Spousal IRA deduction phase-out | $186,000-$196,000 |
Phase-out of Roth IRA Contribution Eligibility | |
Single | $118,000-$133,000 |
Married, filling jointly | $186,000-$196,000 |
Married, filling separately | $0-$10,000 |
SEP | SIMPLE | ||
SEP contribution | Up to 25% of compensation (limit $54,000) | SIMPLE elective deferral (under age 50) | $12,500 |
Minimum compensation for SEP participant | $600 | SIMPLE elective deferral (50 and older) | $15,500 |
Individual 401(k) | |
Employer contribution | Up to 25% of compensation |
Employee salary deferral (under 50) | $18,000 |
Employee salary deferral (50 and older) | $24,000 |
Total employer and employee additions | $54,000 ($60,000 age 50 and older) |