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2020 Plan Contribution Limits

December 1, 2019 by Lee Eudy

The IRS has updated contribution limits for pension plans and other retirement accounts for the 2020 tax year. See the chart below for details on the new limits for 2020 and prior tax years.

  2020 2019 2018
RETIREMENT PLANS      
Annual Compensation Limits 285,000 280,000 275,000
Elective Deferrals 401(k) & 403(b) 19,500 19,000 18,500
Catch-up Contributions 6,500 6,000 6,000
457 Elective Deferral 19,500 19,000 18,500
Defined Contribution Limits 57,000 56,000 55,000
IRAs      
IRA Contribution Limit 6,000 6,000 5,500
IRA Catch-Up Contributions 1,000 1,000 1,000
SEP      
SEP Maximum Compensation 285,000 280,000 275,000
SIMPLE Plans      
SIMPLE Maximum Contributions 13,500 13,000 12,500
SIMPLE Catch-up Contributions 3,000 3,000 3,000

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