At the end of every year, there is always a rush to get contributions into retirement plans. While some of it is justified, there is some flexibility as to when contributions must be deposited into your retirement account. Here’s a table that summarizes deadlines and amounts that you can contribute for most types of plans:
| Plan Type | Contribution Max (Employee) | Deadline | Contribution Max (Employer) | Deadline |
| IRA | $5,500 or $6,500 if > age 50 | Date you file your 2017 taxes | N/A | N/A |
| SEP IRA | N/A | N/A | 25% of salary up to $54,000 | Date company files 2017 taxes |
| SIMPLE IRA | $12,500 or $15,500 if > age 50 | 12/31/17 | 3% of salary | Date company files 2017 taxes |
| 401k | $18,000 or $24,000 if > age 50 | 12/31/17 | $54,000 or $60,000 if > age 50
Note: these are totals for both employee and employer contributions |
Date company files taxes |
As with everything with the IRS, there are caveats, exemptions, and loopholes associated with these limits so please consult your tax advisor or contact me with any questions. Thanks!
Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com
