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.
|401(k), 403(b) & 457 Plans|
|Catch-Up Contribution Limits||$6,500||$6,000|
|Defined Contribution Limits||$57,000||$56,000|
|Catch-Up Contributions (age 50+)||$1,000||$1,000|
|IRA AGI Deduction Phase-Out Start at|
|Single or Head of Household||$65,000||$64,000|
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!