Tax Information and Schedules

FREE DOWNLOAD: GETTING READY FOR YEAR-END & THE 2017 TAX SEASON

The Internal Revenue Service (IRS) has recently announced the following retirement plan contribution limits for the 2016 tax year.

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.

IRA Contributions

Roth:

Stayed the same at $5,500

Traditional:

Stayed the same at $5,500

Catch-up:

Stayed the same at $1,000

 

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

Increased to $18,000 from $17,500

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

Maximum contribution for age 50 & older is $24,000

 

 

Social Security Benefits

Effective January 1, 2017, Social Security Benefits will increase by 0.3% for eligible beneficiaries.

Roth IRA Eligibility Phase Out

Modified Adjusted Gross Income (MAGI) range:

Single filers:

$117,000-$132,000

Married couples, filing jointly 

$184,000-$194,000