Updated Tax Tables, Limits & Deadlines
It’s a new year and with it comes our updated 2017 tax planning tables and our Retirement plan contributions at-a-glance, 2017. You won’t find too many changes from 2016 tax year, but it’s nice to have the most current version available for reference. Below you will find a link to each updated document as well as a few items I wanted to highlight.
Inside the 2017 tax planning tables you will find a lot of great information, including current year deadlines, updated tax rate schedules & deductions, and retirement account contribution limits. Some important items to take note of:
- April 18th – Tax Day. It’s the last day to file, as well as the last day to make 2016 IRA, Roth IRA, & ESA contributions. No need to wait until the 18th, you can contribute now, call us for more information.
- October 16th – Deadline for filing 2016 federal individual income tax returns subject to automatic extensions.
- December 29th – Last day to sell stock to realize a 2017 gain or loss.
The Retirement plan contributions at-a-glance, 2017 will give you the latest information on contributing to your retirement accounts. Inside you will find a few key facts on contributing in general as well as the details on income limits by tax filing status and contribution amounts for each type of retirement account. This is a quick at-a-glance guide, but here are a few items I wanted to highlight:
- Traditional & Roth IRA Maximum Contribution Limits for 2017 – The lesser of $5,500 or total compensation. If you’re 50 or older, it’s the lesser $6,500 or total compensation.
- Roth Contributions – You can contribute to your Roth IRA after you turn 70½ if you or your spouse (if you file jointly) have earned income.
- Employee Sponsored Contributions – You can defer a maximum of $18,000 if you’re younger than 50 and an additional $6,000 if you’re 50 or older.
- IRAs & Employee Sponsored Plans – You can contribute to both. Go ahead and max them both out, it’s okay!
If you need any help navigating these deadlines and limits or think of any other questions, please let us know. We are here to help!
Wells Fargo Advisors Financial Network and its affiliates do not provide legal or tax advice. Transactions requiring tax consideration should be reviewed carefully with your accountant or tax advisor. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for at least five years and the owner has reached age 59 ½ or meet other requirements. Both may be subject to a 10% Federal tax penalty if distributions are taken prior to age 59½.
Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.