NEWSLETTER: Q1 2018 – Contribution Limits

A new year brings a new opportunity to maximize savings. Consider increasing your contribution in 2018 to the limits listed below to help reach your savings goals. If you have any questions about how to ensure you are making the most of your contributions, your advisor at NNP is happy to help you understand more.

RETIREMENT PLAN LIMITS:

Traditional and Roth IRAs Contribution Limits $5,500

Age 50 and over Catch-up Contribution $1,000

SEP Contribution Limit

Up to 25% of compensation $55,000

Elective Deferral Limits

401(k), 403(b), 457 and SARSEP $18,500

Age 50 and over Catch-up Contribution $6,000

SIMPLE elective deferral $12,500

Age 50 and over Catch-up Contribution $3,000

Defined Contribution Limit $55,000

Max Includable Compensation $275,000

EDUCATION:

529 Plan per individual—before gift tax $15,000

529 Plan per couple—before gift tax $30,000

Accelerate 5 years of gifting into 1 year per individual $75,000

Accelerate 5 years of gifting into 1 year per couple $150,000

HEALTH SAVINGS ACCOUNT:

Maximum Contribution

Single $3,450

Family $6,900

Age 55 and over Catch-up Contribution $1,000

Minimum Health Insurance Plan Deductible

Single $1,350

Family $2,750

 

To read the other articles from the first quarter of 2018, download the full newsletter.