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
401(k) Deferrals
19,000
19,500
401(k) Catch-Up Deferrals (Age 50+)
6,000 6,500
SIMPLE Deferrals
13,000
13,500
SIMPLE Catch-Up Deferrals (Age 50+)
3,000 3,000
DC Plan Contribution Limit (Section 415)
56,000
57,000
Plan Compensation Limit
280,000
285,000
HCE Compensation Limit
125,000
130,000
SS Taxable Wage Base
132,900
137,700