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IRS 2020 Contribution Limits

The IRS released the 2020 contribution limits on November 6. Thank you for your efforts and time spent bettering the retirement outcomes of your clients! As you begin planning for the new year we wish you the best in the various markets you serve.

  Plan Type 2020 2019 
  401(k), 403(b) & 457 Plans
       Elective Deferrals $19,500 $19,000
       Catch-Up Contribution Limits $6,500 $6,000
       Defined Contribution Limits $57,000 $56,000
       Annual Compensation $285,000 $280,000
  IRAs
       Contribution Limit $6,000 $6,000
       Catch-Up Contributions (age 50+) $1,000 $1,000
  IRA AGI Deduction Phase-Out Start at
       Joint Return $104,000 $103,000
       Single or Head of Household $65,000 $64,000
  SEP
       Minimum Compensation $600 $600
       Maximum Compensation $285,000 $280,000
  SIMPLE Plans
       Maximum Contribution $13,500 $13,000
       Catch-Up Contributions $3,000 $3,000

Income ranges for eligibility have all increased by the COLA and full details can be found on the IRS website.

TRAK and TRAK-Online will be updated accordingly.

If you are looking for retirement planning software to generate business growth in 2020 start a free trial of The Retirement Analysis Kit (TRAK) today!

Free Trial

If you are a current user of TRAK and want to leverage the tool better in 2020 we encourage you to sign up for a training webinar or visit our video library!

This entry was posted in Retirement Planning Software by Edward Dressel
   

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