IRS label on file cabinet

New I.R.S. Contribution Limits

The I.R.S. just announced the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020.  Here’s a quick look at them.

*Next year, you can put up to $6,000 in any type of IRA. The limit is $7,000 if you will be 50 or older at any time in 2020.

*Annual contribution limits for 401(k)s, 403(b)s, the federal Thrift Savings Plan, and most 457 plans also get a $500 boost for 2020. The new annual limit on contributions is $19,500. If you are 50 or older at any time in 2020, your yearly contribution limit for one of these accounts is $26,000.

*Are you self-employed, or do you own a small business? You may have a solo 401(k), which allows you to make both an employer and employee contribution. The ceiling on total solo 401(k) contributions rises $1,000 in 2020, reaching $57,000. This is also the 2020 employer contribution limit for simplified employee pension (SEP) plans.

*If you have a SIMPLE retirement account, next year’s contribution limit is $13,500, up $500 from the 2019 level. If you are 50 or older in 2020, your annual SIMPLE plan contribution cap is $16,500.

*Yearly contribution limits have also been set a bit higher for Health Savings Accounts (which may be used to save for retirement medical expenses). The 2020 limits: $3,550 for individuals with single medical coverage and $7,100 for those covered under qualifying family plans. If you are 55 or older next year, those respective limits are $1,000 higher.

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