Eligible taxpayers can benefit from contributions to IRAs, Roth accounts and certain other retirement plans. Benefits can include tax deductions, tax-free compounded growth and tax deferral. Contribution limits are phased out when income reaches an indexed range. Beginning January 1, 2017, the phase-out ranges have been increased to allow more people to contribute. For more information on income caps and contribution limits, see IRS Announces 2017 Pension Plan Limitations; 401k Contribution Limit Remains Unchanged at $18,000 for 2017.