IRS Releases 2020 Qualified Retirement Plan Amounts
IRS Releases 2020 Qualified Retirement Plan Amounts
January 20, 2020
Limit Type 2020 2019
Maximum Employee 401(K) or 403(b) Deferral $19,500 $19,000
Employee Catch-up Contributions $6,500 $6,000
Maximum Contribution to Defined Contribution Plan $57,000 $56,000
Maximum Benefit in a Defined Benefit Limit $230,000 $225,000
Annual Limit on Compensation $285,000 $280,000
Highly Compensated Employees $130,000 $125,000
Social Security Wage Base $137,700 $132,900
Annual IRA Contributions $6,000 $6,000
Traditional & Roth Catch-up Contribution $1,000 $1,000
Maximum SIMPLE IRA $13,500 $13,000
SIMPLE IRA Catch-up Contribution $3,000 $3,000

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Treasury Circular 230 Disclosure

Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.

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