If the IRA holder turns 70½ this year, he or she can defer the first distribution until April 1 of the next year. If the holder is older, he or she would normally be required to take an RMD before December 31 of this year. RMDs are considered taxable income for the year in which they are taken.
Your total contribution, including employer contributions, cannot exceed $54,000. Your employer may impose lower or plan-specific maximums.
For 2017, the maximum you can contribute to your qualified plan is $18,000. If you are at least 50 years old, you may be able to contribute another $6,000 pursuant to catch-up contribution rules. Your employer may impose maximums that are less than what the law allows.