English Spanish

2020 Contribution Limits for DC Plans & IRAs

  • 401(k), 403(b) and 457 Accounts
    $19,500 plus $6,500 catch-up contribution if you are age 50 or older

  • SIMPLE IRAs
    $13,000 plus $3,000 catch-up contribution if you are age 50 or older

  • SEP IRAs
    The lesser of 25% of employee's pay or $57,000
    Elective deferrals and catch-up contributions are not permitted

  • Traditional and Roth IRAs
    The lesser of $6000 plus $1,000 catch-up contribution if you are age 50 or older, or your taxable income for the year

2020 Income Limits for IRAs

  • Roth IRAs
    Single: $124,000 -$139,000 if single
    Married Filing Jointly $196,000 - $206,000

__________________________________________________________________________________________________

This information is provided as general guidance. Please consult your tax adviser for information related to your own personal circumstance.