Your 2016 Tax Fact Sheet and Calendar
IRA contribution limits (Roth or traditional): $5,500 under age 50/$6,500 over age 50.
- Income limits for deductible IRA contribution, single filers or married couples filing jointly who aren't covered by a retirement plan at work: None; fully deductible contribution.
- Income limits for deductible IRA contribution, single filers covered by a retirement plan at work: Modified adjusted gross income under $61,000--fully deductible contribution; between $61,000 and $71,000--partially deductible contribution; more than $71,000--contribution not deductible.
- Income limits for deductible IRA contribution, married couples filing jointly who are covered by a retirement plan at work: Modified adjusted gross income under $98,000--fully deductible contribution; between $98,000 and $118,000--partially deductible contribution; more than $118,000--contribution not deductible.
- Income limits for nondeductible IRA contributions: None.
- Income limits for IRA conversions: None.
- Income limits for Roth IRA contribution, single filers: Modified adjusted gross income under $117,000--full Roth contribution; between $117,000 and $132,000--partial Roth contribution; more than $132,000--no Roth contribution.
- Income limits for Roth IRA contribution, married couples filing jointly: Modified adjusted gross income under $184,000--full Roth contribution; between $184,000 and $194,000--partial Roth contribution; more than $194,000--no Roth contribution.
Contribution limits for 401(k), 403(b), 457 plan, or self-employed 401(k) (traditional or Roth): $18,000 under age 50/$24,000 for age 50 and above.
- Saver's Tax Credit, income limit, single taxpayers: $30,750.
- Saver's Tax Credit, income limit, married couples filing jointly: $61,500.
- Health-savings account contribution limit, single contributor under age 55: $3,350.
- Health-savings account contribution limit, single contributor age 55 and above:$4,350.
- Health-savings account contribution limit, family coverage, contributor under age 55: $6,750.
- Health-savings account contribution limit, family coverage, contributor age 55 and above: $7,750.
- High-deductible health plan out-of-pocket maximum, single coverage: $6,550.
- High-deductible health plan out-of-pocket maximum, family coverage: $13,100.
- Section 529 college-savings account contribution limit: Per IRS guidelines, contributions cannot exceed amount necessary to provide education for beneficiary. Deduction amounts vary by state, and gift tax may apply to very high contribution amounts.
- Section 529 college-savings account income limit: None.
- Coverdell Education Savings Account contribution limit: $2,000 per year per beneficiary.
- Coverdell Education Savings Account income limit, single filers: Modified adjusted gross income under $95,000--full contribution; between $95,000 and $110,000--partial contribution; more than $110,000--no contribution.
- Coverdell Education Savings Account income limit, married couples filing jointly:Modified adjusted gross income under $190,000--full contribution; between $190,000 and $220,000--partial contribution; more than $220,000--no contribution.
Jan. 1, 2016: New IRA, retirement-plan, and HSA contribution and income limits go into effect for 2016 tax year, as listed above.
- Individual tax returns (or extension request forms) due for 2015 tax year.
- Estimated tax payments due for first quarter of 2016.
- Last day to contribute to IRA for 2015 tax year (contribution limits: $5,500 under age 55; $6,500 for age 55 and above).
- Last day to contribute to health-savings account for 2015 tax year (2015 contribution limits: $3,350 for single coverage, contributor under age 55; $4,350 for single coverage, contributor age 55 and above; $6,650 for family coverage, contributor under age 55; $7,650 for family coverage, contributor age 55 and above).
- Retirees age 70 1/2 and above must take required minimum distributions from traditional IRAs and 401(k)s.
- Last date to make contributions to company retirement plans (401(k), 403(b), 457) for 2016 tax year.