Plan Type | 2020 | 2019 |
401(k), 403(b) & 457 Plans | ||
Elective Deferrals | $19,500 | $19,000 |
Catch-Up Contribution Limits | $6,500 | $6,000 |
Defined Contribution Limits | $57,000 | $56,000 |
Annual Compensation | $285,000 | $280,000 |
IRAs | ||
Contribution Limit | $6,000 | $6,000 |
Catch-Up Contributions (age 50+) | $1,000 | $1,000 |
IRA AGI Deduction Phase-Out Start at | ||
Joint Return | $104,000 | $103,000 |
Single or Head of Household | $65,000 | $64,000 |
SEP | ||
Minimum Compensation | $600 | $600 |
Maximum Compensation | $285,000 | $280,000 |
SIMPLE Plans | ||
Maximum Contribution | $13,500 | $13,000 |
Catch-Up Contributions | $3,000 | $3,000 |
Income ranges for eligibility have all increased by the COLA and full details can be found on the IRS website . More Employer Plan information can be found at https://www.iisfinancial.com/business-owners under Employer Retirement Plans.