Important: Retirement Plan Contribution Limits for 2020
The IRS has recently released the new contributions limits for Plans in 2020. Please see below:
|
Defined Contribution Plan Limits (401(k), 403(b), etc.) |
2019 |
2020 |
|
Maximum Employee Deferral |
$19,000 |
$19,500 |
|
Age 50+ Catch-Up Contribution |
$6,000 |
$6,500 |
|
Defined Contribution Maximum Limit (Employee & Employer) |
$56,000 |
$57,000 |
|
Defined Contribution Maximum Limit (Employee & Employer) & Age 50+ Catch-Up Contributions |
$62,000 |
$63,500 |
|
Employee Compensation Limit for Calculating Contributions |
$280,000 |
$285,000 |
|
Health Savings Accounts & High Deductible Health Plans |
2019 |
2020 |
|
HSA Contribution Limit (Employee & Employer) |
Self-Only: $3,500 Family: $7,000 |
Self-Only: $3,550 Family: $7,100 |
|
HSA Catch-Up Contributions (Age 55+) |
$1,000 |
$1,000 |
|
HDHP Minimum Deductibles |
Self-Only: $1,350 Family: $2,700 |
Self-Only: $1,400 Family: $2,800 |
|
HDHP Maximum Out-of-Pocket Amounts |
Self-Only: $6,750 Family: $13,500 |
Self-Only: $6,900 Family: $13,800 |
|
Individual Retirement Accounts |
2019 |
2020 |
|
Traditional IRA/Roth IRAs |
$6,000 |
$6,000 |
|
Age 50+ Catch-Up Contribution |
$1,000 |
$1,000 |
|
SIMPLE IRA |
$13,000 |
$13,500 |
|
SIMPLE IRA - Age 50+ Catch-Up Contribution |
$3,000 |
$3,000 |
Weingarten Associates is an independent, fee-only Registered Investment Advisor in Lawrenceville, New Jersey serving Princeton, NJ as well as the Greater Mercer County/Bucks County region. We make a difference in the lives of our clients by providing them with exceptional financial planning, investment management, and tax advice.