Important Plan Limits
IRS Announces Plan Limits for 2020
On November 6, 2019, the Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2020. We have presented a few of the more important plan limits below. For more information, please contact us at 1-800-594-7700.
|
Description
|
2019 |
2020 |
|
|
|
19,500 |
| 401(k) Catch-Up Deferrals (Age 50+) |
|
6,000 |
6,500 |
|
|
|
13,500 |
| SIMPLE Catch-Up Deferrals (Age 50+) |
|
3,000 |
3,000 |
| DC Plan Contribution Limit (Section 415) |
|
|
57,000 |
|
|
|
285,000 |
|
|
|
130,000 |
|
|
|
137,700 |
