2020 Retirement Contribution Limits
November 18, 2019
By Matthew E. Miller, CPA, MBA
2020 Retirement Contribution Limits |
|
| Contribution Limits | 2020 |
| 401(k), 403(b), 457(b) or SARSEP Salary Deferral. | $19,500 |
| *Total deferral with catch up for employees 50 and over | $26,000 |
| Traditional and Roth IRA1 | $6,000 |
| *Total contribution with catch up for taxpayers 50 and over | $7,000 |
| Simple Salary Deferral | $13,500 |
| *Total deferral with catch up for employees 50 and over | $16,500 |
For IRA contributions, taxpayers are subject to the following income limitations
| IRA PHASEOUT reflects 2020 Limits | Single | Married Filing Jointly |
| Traditional IRA Contribution Limit | $65,000 – $75,000 | $104,000 – $124,000 |
| Roth IRA Contribution Limit | $122,000 – 137,000 | $193,000 – $203,000 |
| Traditional IRA – One spouse not covered by an employer plan | $193,000 – $203,000 | |
