Here’s a quick update on what you can contribute to your various retirement accounts (if applicable) for 2016:

• 401k, SEP, TSP, 403b, and 457 salary deferrals remain at $18,000. The “catch up” contribution (ages 50+) remains at $6,000
• SIMPLE IRA contribution limit stays at $12,500 and the catch up contribution (ages 50+) stays at $3,000
• Traditional and Roth IAR contribution limits remain at $5,500 while the catch up contribution (ages 50+) remains at $1,000
• The Annual Federal Gift Tax exclusion remains unchanged at $14,000
• The Federal Estate and Gift Tax basic exclusion is $5,450,000
• Medicare Part B Premium remains unchanged at $104.90 (if AGI >$170k MFJ, $85k Single)

Please e-mail Jim at jbrennan@1nwealth.com if you’d like a complete list of the 2016 limits.