2020

The 2020 IRA and pension plan limitations have been announced. Below are some of the more common amounts for 2020. The defined benefit plan limitation remains at $230,000 ($225,000 for 2019). The defined contribution plan maximum remains at $57,000 ($56,000 for 2019). The annual compensation limit for most employer contributions is $285,000 ($280,000 for 2019). The Retirement Savers Credit is completely phased out at: MFJ = $65,000, HH = 48,750, and all others = $32,500 (up from $64,000, $48,000, and $32,000 respectively for 2019). A year of service for SEP coverage remains at $600. The maximum elective deferral for §401(k), §403(b), §457, and SARSEPs is [...]