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IRS Releases 2020 Contribution Limits

IRS Releases 2020 Contribution Limits

November 06, 2019
On 11/6/2019, the IRS officially released 2020 401(k), 403(b) and most 457 plan contribution limits. These limits largely mirrored industry predictions that have come out over the past few months. Employees will be able to contribute a maximum of $19,500 into those retirement plans next year, up from $19,000 this year. That increase also applies to the federal government’s Thrift Savings Plan. The catch contributions were also increased  for employees aged 50 and older who participate in all of these plans. It goes from $6,000 to $6,500.

Plan Type



401(k), 403(b) & 457 Plans

       Elective Deferrals



       Catch-Up Contribution Limits



       Defined Contribution Limits



       Annual Compensation




       Contribution Limit



       Catch-Up Contributions (age 50+)



IRA AGI Deduction Phase-Out Start at

       Joint Return



       Single or Head of Household




       Minimum Compensation



       Maximum Compensation




       Maximum Contribution



       Catch-Up Contributions



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 under Employer Retirement Plans.