Matt Hollister No Comments

2017 Forms 1094 & 1095 Now Available

The Internal Revenue Service (IRS) has released the final forms and instructions for Forms 1094 and 1095 for calendar year 2017 reporting. Employers are required to report in early 2018 for calendar year 2017.

2017 Forms and Instructions
The following calendar year 2017 reporting forms and instructions are now available:

Information Reporting Deadlines

The deadlines for submitting Forms 1094 and 1095 are as follows:
  • Applicable large employers (ALEs)—generally those with 50 or more full-time employees, including full-time equivalent employees (FTEs)—must file Forms 1094-C and 1095-C with the IRS no later than February 28, 2018 (or April 2, 2018, if filing electronically). ALEs must also furnish a Form 1095-C to all full-time employees by January 31, 2018.
  • Self-insuring employers that are not considered ALEs must file Forms 1094-B and 1095-B with the IRS no later than February 28, 2018 (or April 2, 2018, if filing electronically). A Form 1095-B must also be furnished to “responsible individuals” (who may be the primary insured, employee, former employee, or other related person named on the application) by January 31, 2018.

Visit our Information Reporting section for more on the information reporting requirements.

Matt Hollister No Comments

IRS Announces Retirement Plan Limits for 2018

401(k) Contribution Limit Increases to $18,500

The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights include:

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans is increased from $18,000 to $18,500.
    • The catch-up contribution limit for those aged 50 and over remains unchanged at $6,000.
  • The limit on annual contributions to an individual retirement arrangement (IRA) remains unchanged at $5,500.

The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have adjusted gross incomes between $63,000 and $73,000, up from $62,000 to $72,000.

  • For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $101,000 to $121,000, up from $99,000 to $119,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 to $196,000.

Click here for more information.

To learn more about retirement planning, please visit our section on Retirement Plans.