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IRA and Retirement Plan Limits for 2020

11/13/2019

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Many IRA and retirement plan limits are indexed for inflation each year. On November 6, 2019, the IRS (Notice 2019-59) announced the inflation-adjusted numbers for 2020.

The maximum IRA contribution for 2020 is $6,000, unchanged from 2019 (the catch-up limit for those 50 and older also remains unchanged at $1,000). However, certain phaseout ranges for determining the deductibility of traditional IRA contributions, and for determining whether an individual can contribute to a Roth IRA, have increased for 2020. 

For employer-sponsored retirement plans, the elective deferral limit for 401(k), 403(b), and 457(b) plans increases to $19,500 for 2020, and the catch-up limit increases to $6,500. The maximum amount that can be contributed to a defined contribution plan for 2020 increases to $57,000, and the maximum amount of compensation that can be taken into account in determining benefits for most plans for 2020 increases to $285,000. 

We'll continue to pass along timely, relevant information -- providing fresh and interesting ways for you to engage and motivate your clients.

Broadridge Financial Solutions, Inc. • 33 Boston Post Road W • Marlborough, MA 01752 • t: (800) 233-2834 • f: (508) 630-1164
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    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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