Tax Information & Schedules

All you need to know for the 2017 and 2018 tax seasons.
 

2017/18 TAX SEASON GUIDE - DOWNLOAD HERE >

 

Contribution Limits

The Internal Revenue Service (IRS) has announced the following retirement plan contribution limits for the 2018 tax year. 2017 contribution limits are listed at the bottom of the page for added convenience.

To schedule a complimentary, no obligation appointment with Northwest Financial Advisors, click here or call us at 703-810-1072 (800-269-2156) x110 to discuss what these new limits mean for you and your retirement future. We look forward to assisting you.
 

2018 Tax Year:

IRA Contributions

Traditional: $5,500

Roth: $5,500

Catch-up contribution (age 50 & older): $1,000

Maximum contribution (age 50 & older): $6,500

 

IRA Contributions After Age 70 1/2

No regular contributions to a traditional IRA in the year you reach 70 1/2 and older.
Contributions to a Roth IRA, SEP IRA and rollover contributions to a Roth or traditional IRA are permitted regardless of age.

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP)

Standard limit: $18,500 (increased from 18,000 in 2017)

Catch-up contributions (age 50 & older): $6,000

Maximum contribution (age 50 & older): $24,500 (increased from 24,000 in 2017)

 

Roth IRA Eligibility Phase Out
Modified Adjusted Gross Income (MAGI) range:

Single filers: $120,000–$135,000

Married couples, filing jointly: $189,000–$199,000

Married couples, filing separately: $0-$10,000

 

Social Security Benefits

Effective January 1, 2018, Social Security benefits increased by 2% for eligible beneficiaries.
 

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2017 Tax Year:

IRA Contributions

Traditional: $5,500

Roth: $5,500

Catch-up contribution (age 50 and older): $1,000

Maximum contribution (age 50 and older): 6,500

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP)

Standard limit: $18,000

Catch-up contributions (age 50 & older): $6,000 (increased from $5,500)

Maximum contribution (age 50 & older): $24,000

 

Roth IRA Eligibility Phase Out

Modified Adjusted Gross Income (MAGI) range:

Single filers: $118,000–$133,000

Married couples, filing jointly: $186,000–$196,000

Married couples, filing separately: $0-$10,000

 

Social Security Benefits

Effective January 1, 2017, Social Security benefits increased by 0.3% for eligible beneficiaries.

 

To schedule a complimentary, no obligation appointment with Northwest Financial Advisors, request a consultation or call us at 703-810-1072 (800-269-2156) x110 to discuss what these limits mean for you and your retirement future. We look forward to assisting you.

 

Sources:

IRS.gov -
https://www.irs.gov/retirement-plans/plan-participant-employee/saving-for-retirement
SSA.gov - https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf

This information is not intended to be a substitute for individual tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.