2020 Plan Limits

Retirement plan contribution limits change for 2020:

  • The maximum elective deferrals for individuals who participate in 401(k) plans increases to $19,500.
  • The catch-up contribution for participants age 50 and older remain at $6,500.
  • The maximum contribution for defined contribution pension plans increases to $57,000. This limit increases to $63,500 for 2020 if you include catch-up contributions.
  • The amount of compensation that can be taken into account when determining employer and employee contributions is limited to $285,000 in 2020.

Do you need a larger income tax-deduction? We can help! Call today (800) 680-5596.


Pin It
Joomla Template: by JoomlaShack