Welcome to 2017. The rates and phase-out ranges for tax deductions are subject to change and cost-of-living adjustments on an annual basis. Some of the new changes to 2017 include:
Mileage Rates
Business – 53.5 cents per mile
Medical or moving – 17 cents per mile
Charitable – 14 cents per mile
HSA Contribution
Self-Only – $3,400 (plus an additional $1,000 if 55 or older)
Family – $6,750 (plus an additional $1,000 if 55 or older)
Retirement Plan Contribution Limits
Traditional IRA – The contribution limit remains the same, $5,500 or $6,500 if 50 or older, but the phase out limits have changed.
Single and Head of Household: phase-out begins at $62,000
Married Filing Joint (both spouses covered by employer plans): phase-out begins at $99,000
Married Filing Joint (only one spouse covered by employer plan): phase-out begins at $186,000
Roth IRA – The contribution limit remains the same, $5,500 or $6,500 if 50 or older, but the phase out limits have changed.
Single and Head of Household: phase-out begins at $118,000
Married Filing Joint: phase-out begins at $186,000
401K and 403b Plans – the contribution limit for employees that participate in these plans remains the same at $18,000 or $24,000 if 50 or older.
Defined Benefit Plans – limited to $54,000 in 2017
If you have questions about your individual tax situation, contact your tax advisor.
