2017 Retirement Contributionis

Ten Forty + Quality Tax Preparation & Financial Services 281-397-7777 Fax 281-397-7443 Tax Tip 2017 IRA / SEP Contributions Each year, the IRS makes inflation adjustments to the contribution limits for retirement plans. For 2017, the numbers barely budged. Here's an overview as you begin making 2017 retirement plan contributions. The IRA contribution limit when you're under age 50 remains at $5,500. You can add an extra $1,000 when you're 50 or older. The 401(k) salary deferral limit is still $18,000 when you're under age 50. If you're 50 or older, the catch-up contribution is $6,000. The Savings Incentive Match Plan for Employees (SIMPLE) deferral limit remains at $12,500 if you're under age 50, with a catch-up contribution of $3,000 if you're 50 or older. The Simplified Employee Pension (SEP) plan annual contribution limit increases for 2017 to $54,000, up from $53,000 for 2016. For more information on 2017 inflation adjustments, including income phase-out thresholds for plan eligibility, please give me an email or call. Tax season is here. Go to www.tenfortyplus.com and complete your online organizer (under forms and documents). Make your appointment using our online appointment system. Call 281-397-7777 and get a user id with password set up so you can join our portal, set an appointment and receive our blogs and newsletters. Regards, Joseph C Becker EA www.tenfortyplus.com 281-397-7777, Fax 281-397-7443 joeb@tenfortyplus.com Contact Us There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions about the tax effects of a transaction or event, including the following: • Pension or IRA distributions. • Retirement. • Significant change in income or • Notice from IRS or other deductions. Revenue department. • Job change. • Divorce or separation. • Marriage. • Self-employment. • Attainment of age 59½ or 70½. • Charitable contributions • Sale/purchase of a business property in excess of $5,000 • Sale or purchase of a residence or other real estate.