IRS announces pension plan, retirement plan limits for 2017
The IRS has announced its cost-of-living adjustments affecting dollar limitations for pension plans for 2017. Those hoping for COLAs on 401(k), 403(b), most 457 plans, and the federal governments Thrift Savings Plans are out of luck, however.
By Marlene Y. Satter |
Updated on October 27, 2016
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Would-be retirees, listen up: the IRS has released costofliving adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.
Traditional IRA contributions are deductible under certain conditions, but if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.
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