04
Jan 17
2017 IRA Contribution Limits

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The maximum contribution limits for calendar year 2017 are:

Traditional or Roth IRA’s: For those under age 50 the limit is $5,500 and for those age 50 or over the limit is $6,500.

401K plan participants the limits are: Under age 50 the contribution limit is $18,000 and age 50 or over the contribution limit is $24,000.

Health savings accounts (HSAs): the maximum annual contributions are: $3,400 for an individual with self-only coverage under a high deductible health plan and $6,750 for an individual with family coverage.  Individuals who are 55 or older can also make a catch up contribution of $1,000.  For 2017 a “high deductible health plan” is one that has an annual deductible of at least $1,300 for individual-only coverage or $2,600 for family coverage and annual out-of-pocket expenses up to $6,550 for individual-only coverage or $13,100 for family coverage.

Coverdell Education Savings Account (ESA): the total contributions cannot be more than $2,000 in any year.