Investment and Finance

The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the retirement savings contribution credit for taxpayers filing as head of household is increased from $27,000 to $27,375; the limitation under Section 25B(b)(1)(B) is increased from $29,250 to $29,625; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $45,000 to $45,750.

In 2016, The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts remains at $12,500.
In 2015,the limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts increased from $12,000 to $12,500.

In 2016, the AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,500 for married couples filing jointly, up from $61,000 in 2015; $45,750 for heads of household, up from $45,000; and $30,750 for married individuals filing separately and for singles, up from $30,500.
In 2015, the AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,000 for married couples filing jointly, up from $60,000 in 2014; $45,750 for heads of household, up from $45,000; and $30,500 for married individuals filing separately and for singles, up from $30,000.

Effective January 1, 2016, the limitation on the annual benefit under a defined benefit plan under Section 415(b)(1)(A) remains at $210,000.
For a participant who separated from service before January 1, 2016, the limitation for defined benefit plans under Section 415(b)(1)(B) is computed by multiplying the participant's compensation limitation, as adjusted through 2015, by 1.0011.

The limitation for defined contribution plans under Section 415(c)(1)(A) remains unchanged at $53,000.
The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2015 from $52,000 to $53,000.

In 2016, the dollar amount under Section 430(c)(7)(D)(i)(II) used to determine excess employee compensation with respect to a single-employer defined benefit pension plan for which the special election under Section 430(c)(2)(D) has been made is increased from $1,101.000 to $1,106,000..

In 2014, For filing status of: single, head of household and married filing separately not living with your spouse the phase-out amount starts at $60,000 and ends at $70,000 with no deduction for MAGI more than $70,000.
For married filing jointly or qualifying widow (er)and both were covered by a retirement plan, the phase-out amount starts at $96,000 and ends at $116,000 with no deduction for MAGI more than $115,000.
For married filing jointly or qualifying widow (er)and one was covered by a retirement plan, the phase-out amount starts at $96,000 and ends at $116,000 with no deduction for MAGI more than $116,000. The uncovered spouse uses $178,000 and ends at $188,000 with no deduction for MAGI more than $188,000.
For married filing jointly or qualifying widow (er)and both were not covered by a retirement plan, the phase-out amount starts at $181,000 and ends at $191,000 with no deduction for MAGI more than $191,000.
For married filing separately the phase-out starts at 0 and ends at $10,000 with no deduction for MAGI more than $10,000

The limit on employee elective deferrals is $18,000 for 2016. The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.

You can contribute up to $5,500 ($6,500 if you are 50 or older) provided you have at least $5,500 / 6,500 of wages, salary or net self-employment earnings in 2014 and in the case of a traditional IRA (deductible IRA) , you have not reached age 70 1/2 by the end of the year.