2020 Contribution Limits

December 6, 2019

 

The Internal Revenue Service announced higher retirement plan contribution limits for 2020. The amount employees are eligible to contribute to a 401k or 403b plan will increase from the annual limit of $19,000 in 2019 to $19,500 in 2020. The catch-up contribution limit for people age 50 and older will increase from $6,000 to $6,500 next year. Employee contribution limits to a SIMPLE plan will increase from $13,000 to $13,500 per year.

 

One item that did not change is the annual limit for contributions to a Traditional or Roth IRA account. Annual contribution limits will remain at the 2019 level of $6,000 contribution and $1,000 catch-up. 

 

Additional details regarding 2020 updates can be found on the IRS website.

 

 

 

Please reload

Recent Posts

April 7, 2020

February 21, 2020

January 6, 2020

Please reload

Archive
Please reload

If you would like to learn more about West Financial Advisors, LLC or any of our firm's blog posts, please visit our home page or contact us directly. 

2020 West Financial Advisors 
  • Facebook
  • Twitter