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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
Those hoping to claim the saver’s credit for low- and moderate-income workers will have to make no more than $62,000 for married couples filing jointly. (Photo: AP)

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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