A one-stop guide to key facts and important tax dates to remember.
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By Christine Benz | 02-26-17 | 05:00 AM | Email Article

Note: This article is part of Morningstar's Tax Relief Week special report.

Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.

It's not hard to find tax information on the Internet--when quarterly taxes are due, 401(k) contribution limits, and so forth. But in the interest of saving you a few clicks, we've amalgamated all of 2017's important tax facts and dates in a single spot.

2017: Important Tax Facts for Investors 
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 $62,000--fully deductible contribution; between $62,000 and $72,000--partially deductible contribution; more than $72,000--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 $99,000--fully deductible contribution; between $99,000 and $119,000--partially deductible contribution; more than $119,000--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 $118,000--full Roth contribution; between $118,000 and $133,000--partial Roth contribution; more than $133,000--no Roth contribution.

Income limits for Roth IRA contribution, married couples filing jointly: Modified adjusted gross income under $186,000--full Roth contribution; between $186,000 and $196,000--partial Roth contribution; more than $196,000--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.

Income limits for 401(k), 403(b), 457 plans: None.

SEP IRA contribution limit: The lesser of 25% of compensation or $54,000.

Saver's Tax Credit, income limit, single taxpayers: $31,000.

Saver's Tax Credit, income limit, married couples filing jointly: $62,000.

Health savings account contribution limit, single contributor under age 55: $3,400.

Health savings account contribution limit, single contributor age 55 and above: $4,400.

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.

2017: Important Tax Dates to Remember
Jan. 1, 2017: New IRA, retirement plan, and HSA contribution and income limits went into effect for 2017 tax year, as listed above.

Jan. 17, 2017: Estimated tax payments were due for fourth quarter of 2016.

April 18, 2017: 

  • Individual tax returns (or extension request forms) due for 2016 tax year.
  • Estimated tax payments due for first quarter of 2017.
  • Last day to contribute to IRA for 2016 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 2016 tax year (2016 contribution limits: $3,350 for single coverage, contributor under age 55; $4,350 for single coverage, contributor age 55 and above; $6,750 for family coverage, contributor under age 55; $7,750 for family coverage, contributor age 55 and above).

June 15, 2017: Estimated tax payments due for second quarter of 2017.

Sept. 15, 2017: Estimated tax payments due for third quarter of 2017.

Oct. 16, 2017: Individual tax returns due for taxpayers who received a six-month extension.

Dec. 31, 2017:

  • 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 2017 tax year. 

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