The IRS has released some 2017 dollar amounts hat you’ll need for your payroll system.
The maximum amount an employee can contribute to a flexible spending account is $2,600, up from $2,550 in 2016.
The income exclusion for adoption assistance is $13,570, increasing from $13,460. Phase out starts when an employee’s adjusted gross income exceeds $203,540 (was $201,920).
The foreign earned income exclusion is $102,100, moving up from $101,300.
Meanwhile, the monthly qualified transportation fringe benefit limit remains $255.
Retirement plan contributions
The defined contribution plan limit is $54,000 (was $53,000) while the defined benefit plan limit is $215,000 (was $210,000).
The contribution limit for 401(k), 403(b) and most 457 plans is $18,000, unchanged. Once again, the cap for elective deferrals to SIMPLE retirement plan is 12,500.
No catch-up contribution changes.