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IRA & Pension Plan Limits*

AGI (Adjusted Gross Income) is your gross income minus adjustments – for example, IRA deduction, student loan interest, alimony, etc.

MAGI (Modified Adjusted Gross Income) is your AGI increased by the following exclusions:

IRA & Pension Plan Limits
IRA Contribution
(under age 50)
IRA Contribution
(age 50 and over)
Phaseout for Deducting IRA Contributions
(Qualified Plan Participant)
Married, Joint $98,000-$118,000 AGI
Single, Head of Household $61,000-$71,000 AGI
Spousal IRA $184,000-$194,000 AGI
Filing Separate $0-$10,000 AGI
Phaseout for Roth Contribution Eligibility
Married, Joint $184,000-$194,000 MAGI
Single, Head of Household $117,000-$132,000 MAGI
Filing Separate $0-$10,000 MAGI
SEP Contribution
Up to 25% of compensation, limit $53,000
Compensation to participate in SEP $600
401(k), 403(b), 457, & SARSEP
Elective Deferral Under Age 50 $18,000
Elective Deferral Age 50 & Over $24,000
SIMPLE Elective Deferral
Under Age 50 $12,500
Age 50 & Over $15,500
Limits on additions to defined contribution plans 100% of compensation or $53,000
Annual benefit limit on defined benefit plan $210,000
Highly-compensated employee makes $120,000
Annual compensation taken into account for qualified plans $265,000
Retirement Tax Credit
A percentage tax credit is allowed for an IRA, 401(k), 403(b), or 457 plan contribution, in addition to deduction or exclusion, if:
Married, Joint Below $61,500 MAGI
Head of Household Below $46,125 MAGI
Single; Married, Separate Below $30,750 MAGI

*Source: Information provided in this Tax Information Guide is general in nature and is not meant to offer tax advice. You should consult your own tax advisor for more complete information.


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Last Updated: 12/14/2017