Education and Advice

Key 2017 Financial Data (Limits)

Key Financial Data for 2017 …at your fingertips. Check out this handy reference. No need to search for answers, no need to wonder.

Your one-stop shop for 2017:

  • federal income tax rates 
  • federal gift tax exclusion 
  • Social Security maximum benefits and tax rate 
  • IRA and other retirement plan contribution limits 
  • and more
Key 2017 Financial Data/Limits
Individual Income Tax Rates 10%, 15%, 25%, 28%, 33%, 35%, 39.6%
Long-Term Capital Gains Tax Rates 0%, 15%, 20%
Federal Annual Gift Tax Exemption $14,000 per donor per recipient
Federal Lifetime Gift Tax Exclusion $5,490,000
Federal Estate Tax Exclusion $5,490,000
2016-to-2017 Social Security COLA 0.3%
Maximum Social Security Benefit $2,687/month 
Social Security Maximum Taxable Earnings $127,200
Social Security Tax up to Limit 6.2% 
Medicare Tax 1.45%; 2.35% on wages >$200K (single), $250K (joint)
Contribution Limits:  
Defined-Contribution Plans $54,000
401(k)/403(b)/457(b) Plans $18,000
Catch-Up, age 50 or higher
SIMPLE Plans $12,500
Catch-Up, age 50 or higher
IRAs, Roth IRAs $5,500
Catch-Up, age 50 or higher

Tax information presented is not to be considered as tax advice and cannot be used for the purpose of avoiding tax penalties. Neither Canandaigua National Trust Company of Florida nor its affiliated Companies provide tax, legal, or accounting advice. Please consult your personal tax advisor, attorney, or accountant for advice on these matters.