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2017 IRA Contributions

IRA Contribution Limit: $5,500 (or $6,500 if age 50 or older)

401(k), 403(b) and Government 457(b) Elective Deferrals Limit: $18,000 (or $24,000 if age 50 or older)

SIMPLE IRA Contribution Limit: $12,500 (or $15,500 if age 50 or older)

2017 IRA Deduction Limits – Effect of modified AGI on deduction if you ARE covered by a retirement plan at work

If you are covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

If Your Filing Status Is… And Your Modified AGI Is… Then You Can Take…
single or head of household $62,000 or less a full deduction up to the amount of your contribution limit.
more than $62,000 but less than $72,000 a partial deduction.
$72,000 or more no deduction.
married filing jointly or qualifying widow(er) $99,000 or less a full deduction up to the amount of your contribution limit.
more than $99,000 but less than $119,000 a partial deduction.
$119,000 or more  no deduction.
married filing separately less than $10,000  a partial deduction.
$10,000 or more  no deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “Single” filing status.

2017 IRA Deduction Limits – Effect of modified AGI on Deduction if you are NOT covered by a retirement plan at work

If you’re not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

If Your Filing Status Is… And Your Modified AGI Is… Then You Can Take…
single, head of household, or qualifying widow(er) any amount a full deduction up to the amount of your contribution limit.
married filing jointly or separately with a spouse who is not covered by a plan at work  any amount a full deduction up to the amount of your contribution limit.
married filing jointly with a spouse who is covered by a plan at work $186,000 or less a full deduction up to the amount of your contribution limit.
more than $186,000 but less than $196,000 a partial deduction.
$196,000 or more no deduction.
married filing separately with a spouse who is covered by a plan at work less than $10,000 a partial deduction.
$10,000 or more no deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “Single” filing status.

2017 Roth IRA Contribution Limit by Modified Adjusted Gross Income (MAGI):

If your filing status is… And your modified AGI is… Then you can contribute…
married filing jointly or qualifying widow(er)

< $186,000

$5,500 ($6,500 if age 50 or older)

> $186,000 but < $196,000

a reduced amount

> $196,000

zero

married filing separately and you lived with your spouse at any time during the year

< $10,000

a reduced amount

> $10,000

zero

single, head of household, or married filing separately and you did not live with your spouse at any time during the year

< $118,000

$5,500 ($6,500 if age 50 or older)

> $118,000 but < $133,000

a reduced amount

> $133,000

zero

NOTE: Roth IRAs are NOT tax-deductible since they are retirement account contributions made with after-tax dollars.

Mission Statement

At Clifford Associates (CA) Financial Services, our mission is to enhance our client’s financial security and peace of mind.  We take great care in listening to our client’s needs and objectives, so that we can build customized investment portfolios to help them achieve their financial goals and dreams.

Services

We provide financial and investment services including Registered Investment Advisory Services, Mutual Funds, Stocks, Corporate Bonds, Tax-free Municipal Bonds, Life Insurance, Unit Investment Trusts and Estate Planning Assistance.

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Click here to visit our Newsletter page where you can view our Client Quarterly Newsletter (Spring 2017) and links to archived newsletters which have up-to-date financial advice and helpful hints and tools to help you navigate the myriad of financial news and trends.

Have a question?

Don’t hesitate to send us an email or give us a call (208) 746-3270… we are here to help!

Securities and advisory services offered, in states where licensed, exclusively through representatives of KMS Financial Services, Inc., Member FINRA / SIPC and an SEC Registered Investment Advisor.

 

This site is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities or investment advisory services which may be referenced herein. We may only offer services in states in which we have been properly registered or are exempt from registration. Therefore some of the services mentioned may not be available in your state, and if not, the information is not intended for you.

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