In 2017, the contribution limits for retirement plans and IRAs will remain the same as 2015 and 2016 because the increase in the cost-of-living index is not enough to trigger an increase in the limits. Participants in 401k and 403b retirement plans will again be able to contribute up to $18,000. If they are age 50 or older, they can contribute an extra $6,000. Participants in SIMPLE IRA plans will be able to contribute $12,500, and if they are age 50 or older, they can contribute an extra $3,000. The amount that can be contributed to a traditional IRA or a Roth IRA is still $5,500 with an additional $1,000 contribution permitted for people age 50 and older.
The annual gift tax exclusion this year is $14,000 per gift. That means married couples can give up to $28,000 per recipient (usually a child or grandchild). This is expected to remain the same for 2017.