Tax Summary

  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)