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The following are significant limits and tax rates to consider for 2017. With tax reform among the top priorities for the incoming Trump administration, it will be important to monitor and evaluate any potential changes.    

  • Annual Gift Tax Exclusion: $14,000 per donee; $28,000 per donee for married couples who “split gifts”

  • Unified Estate and Gift Tax Exemption:   $5,490,000

  • IRA and Roth IRA Contribution Limit: $5,500 plus another $1,000 for   individuals over age 50

  • SIMPLE IRA Contribution Limit: $12,500 plus another $3,000 for individuals over age 50

  • 401(k), 403(b) and 457 Contribution Limit: $18,000 plus another $6,000 for individuals over age 50

  • SEP IRA and QRP Contribution Limit: 20% of net self-employment income (or 25% of compensation) up to maximum of $54,000

  • Individual 401(k) Contribution Limit: 20% of net self-employment income (or                  

                25% of compensation) plus $18,000, up to maximum of $54,000, plus another

                $6,000 for individuals over age 50

  • Top Federal Tax Rate: 39.6% on income over $418,400 for single; $470,700 for married filing jointly

  • HSA Contribution Limits: $3,400 for single; $6,750 for family; $1,000 catch-up provision for individuals over age 55

  • Qualified Charitable Distribution (QCD): $100,000 for IRA owners over age 70 ½

  • Tax on Dividends and Qualified Capital Gains: 0% up to 25% bracket, 15% up to 35% bracket and 20% at 39.6% bracket

  • Coverdell Education Savings Account: $2,000 per child

  • 529 College Savings Plan: lifetime limits and gift tax limits may apply depending on state