Tax Information
Information on this page is provided in summary form as a convenience for our clients. Please refer to the Internal Revenue Service web site for complete details.
2016 IRS Contribution Limits
Traditional & Roth IRA
|
|
Standard Limit |
Catch-up
Limit |
|
Traditional* |
$5,500 |
$6,500 |
|
Roth* |
$5,500 |
$6,500 |
|
*Filing Status |
*MAGI Phase-out Range |
|
Single: |
$60,001-$69,999 |
|
Married
Filing Joint: |
$96,001 - $115,999 |
SEP
(Simplified
Employee Pension)
|
Max Dollar Allocation |
Max Considered Compensation |
|
$53,000 |
$265,000 |
The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee's compensation, which is capped at a maximum as indicated above.
Simple IRA
|
Standard Limit |
Catch-up
Limit |
|
$12,500 |
$15,500 |
Employers are generally required to match each employee's salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee's compensation. As an alternative, the employer may match 2% of each eligible employee's salary regardless of whether they participate or not.
401k
Plans
(Employee
Salary Deferrals)
|
Standard Limit |
Catch-up
Limit |
Maximum considered compensation |
|
$18,000 |
$24,000 |
$265,000 |
The combined employee and employer contributions cannot exceed the $53,000 Standard Limit.
Coverdell Education Savings Account (ESA)
|
Standard
Limit |
MAGI Limits to qualify for account |
|
$2,000 |
Single:
$95,000-$110,000 |
Oregon 529 College Savings Plan
|
Standard Limit |
MAGI Limits to qualify for account |
Oregon Income Tax Deduction |
|
$310,000 |
None |
Married Filing Joint:
$4,620 |
Health Savings Account
|
High Deductible Health Plan Coverage |
Standard Limit |
Catch-up
Limit |
|
Individual (Self Only) |
$3,350 |
$4,350 |
|
Family |
$6,750 |
$7,750 |
|
Health Plan Requirements |
||
|
High Deductible Health Plan Coverage |
Minimum Deductible of at Least |
Annual Out-of-Pocket Expense Limit |
|
Individual (Self Only) |
$1,300 |
$6,550 |
|
Family |
$2,600 |
$13,100 |
2015 IRS Contribution Limits
Traditional & Roth IRA
| Standard Limit | Catch-up Limit (Age 50 and older) | |
|---|---|---|
| Traditional* | $5,500 | $6,500 |
| Roth* | $5,500 | $6,500 |
| *Filing Status | *MAGI Phase-out Range |
|---|---|
| Single: | $61,000-$71,000 |
| Married Filing Joint: (you participate in a 401k plan) | $98,000 - $118,000 |
| Married Filing Joint (your spouse participates in a 401k plan) | $183,000 - $193,000 |
| Married Filing Joint (neither spouse is active 401k plan participant) | No Limit |
SEP
(Simplified Employee Pension)
| Max Dollar Allocation | Max Considered Compensation |
|---|---|
| $53,000 | $265,000 |
The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee's compensation, which is capped at a maximum as indicated above.
Simple IRA
| Standard Limit | Catch-up Limit (Age 50 and older) |
|---|---|
| $12,500 | $15,500 |
Employers are generally required to match each employee's salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee's compensation. As an alternative, the employer may match 2% of each eligible employee's salary regardless of whether they participate or not.
401k Plans
(Employee Salary Deferrals)
| Standard Limit | Catch-up Limit (Age 50 and older) | Maximum considered compensation |
|---|---|---|
| $18,000 | $24,000 | $265,000 |
The combined employee and employer contributions cannot exceed the $53,000 Standard Limit.
Coverdell Education Savings Account (ESA)
| Standard Limit (up to age 18) | MAGI Limits to qualify for account |
|---|---|
| $2,000 | Single: $95,001-$109,999 Married Filing Joint: $190,001-$219,999 |
Oregon 529 College Savings Plan
| Standard Limit | MAGI Limits to qualify for account | Oregon Income Tax Deduction |
|---|---|---|
| $310,000 | None | Married Filing Joint: $4,170 Married Filing Separate: $2,085 |
Health Savings Account
| High Deductible Health Plan Coverage | Standard Limit | Catch-up Limit (Age 55-65, 65 and older if your qualify) |
|---|---|---|
| Individual (Self Only) | $3,350 | $4,350 |
| Family | $6,750 | $7,750 |
| High Deductible Health Plan Coverage | Minimum Deductible of at Least | Annual Out-of-Pocket Expense Limit |
|---|---|---|
| Individual (Self Only) | $1,300 | $6,550 |
| Family | $2,600 | $13,100 |
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