Did you happen to read IRS publication Notice 2016-62? Don't worry, we read it for you. Each year, the IRS announces the contribution and income limits for the next calendar year. As has been the case in recent years, the changes are very minor and only affect the income limits for 2017.

Contribution Limits Stay the Same

The total amount you can contribute to either a Roth IRA or a Traditional IRAremains unchanged at $5,500. People 50 and over can contribute an additional $1,000 for a total of $6,500.

Income Limits Adjusted Up $1,000-2,000

Direct Roth IRA contributions are only allowed if your income (technically your Modified Adjust Gross Income) is below a certain level (you can get around this limit by using a Backdoor Roth IRA). For single filers in 2016, that income threshold starts at $118,000 (up from $117,000) and ends at $133,000 (up from $132,000). In that range, your contribution is limited, eventually reaching zero. For married filers in 2016, that income threshold starts at $186,000 (up from $184,000) and ends at $196,000 (up from $194,000).