Important Retirement Plan Dates and Updates

There are many tax deadlines and requirements this time of year. Don’t forget Employer contributions to a Profit Sharing Plan for a Plan year ending on December 31, 2016 must be deposited into the plan by the due date of your business tax return, including any extensions. If you extend your tax return, you still have the option of filing by the original due date, while still taking advantage of the extra time to deposit the contributions into the plan.

 

Please refer to the following chart for important limits regarding retirement plans.

2017 2016
Annual Compensation Limit 270,000 265,000
Elective Deferral Max 18,000 18,000
Catch-up Contributions 6,000 6,000
Defined Contribution Limits 54,000 53,000
Defined Benefit Limits 215,000 210,000
Taxable Wage Base 127,200 118,500
IRA Contribution Limit 5,500 5,500
IRA Catch-up Contributions 1,000 1,000

 

If you have questions or want more information about retirement plan dates and limits, please contact Anne Christian, CPA and achristian@bwtpcpa.com or 314-576-1350.

Anne Christian, CPA is a member of the Retirement Services department at BWTP, P.C.

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