The Internal Revenue Service (IRS) recently announced its cost-of-living adjustments (COLA) for the 2017 tax year. These rates are used to determine the adjustments to over 40 tax provisions, ranging from the personal exemption and standard deduction to retirement plan limits.
COLA rates are based on changes in the consumer price index. And, since these were less than the statutory threshold used to trigger increases, the 2017 limits were as projected. See the table below for a comparison between the 2016 and 2017 retirement plan limits and visit irs.gov for more info.
