Key Numbers for 2016

{1:36 minutes to read} I’m pleased to provide you a document we call The Key Numbers for 2016. The document outlines changes that the government makes each year pertaining to financial planning, pensions, estate planning, income taxes, etc.

Just as a note, the Estate Tax Exemption went up from $5.43 to $5.45 million. The maximum tax rate stayed the same at 40%.

Portability is still part of the plan so any unused estate tax exemption at the death of a first spouse allows for the surviving spouse to benefit from the unused exemption. The annual exclusion remains at $14,000.
The Defined Benefit Contribution limit becomes $210,000, or the lesser of $210,000 or 100% of the participant’s average compensation for as high as 3 years of active participation. Defined contributions profit sharing, 401ks the maximum is $53,000 or 100% of participant’s annual compensation.

I urge each of you to look at this document in detail as you plan for 2016. The document includes all the information pertaining to ROTH IRA’s, IRA contribution limits, simple limits, traditional and ROTH limits, social security exemptions, etc.

Key Numbers for the Year 2016

If you want further information or clarification, you can give us a call.
Wishing each of you a successful, peaceful and happy 2016.

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS. Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.

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