Call Us CALL US TODAY | (800) 301-8818
Annuities IRA/401k ANNUITIES IRA/401K Read More
Tax Free and retirement plans TAX FREE RETIREMENT PLANS Read More
Social Security Benefits SOCIAL SECURITY BENEFITS Read More
Lifetime Income LIFETIME INCOME Read More
Life/Mortgage Insurance Insurance LIFE / MORTGAGE INSURANCE Read More
Final Expense FINAL EXPENSE/BURIAL INSURANCE Read More

2017 Roth IRA Limits Announced

Small Changes for 2017

Did you happen to read IRS publication Notice 2016-62? Don't worry, we read it for you. Each year, the IRS announces the contribution and income limits for the next calendar year. As has been the case in recent years, the changes are very minor and only affect the income limits for 2017.

Contribution Limits Stay the Same

The total amount you can contribute to either a Roth IRA or a Traditional IRAremains unchanged at $5,500. People 50 and over can contribute an additional $1,000 for a total of $6,500.

Income Limits Adjusted Up $1,000-2,000

Direct Roth IRA contributions are only allowed if your income (technically your Modified Adjust Gross Income) is below a certain level (you can get around this limit by using a Backdoor Roth IRA). For single filers in 2016, that income threshold starts at $118,000 (up from $117,000) and ends at $133,000 (up from $132,000). In that range, your contribution is limited, eventually reaching zero. For married filers in 2016, that income threshold starts at $186,000 (up from $184,000) and ends at $196,000 (up from $194,000).

(2017 read more http://www.rothira.com/2017-roth-ira-limits-announced )
Posted 12:38 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Facebook
LinkedIn
Twitter
YouTube
© Copyright. All rights reserved.
Powered by Insurance Website Builder