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11.26.19

2020 contribution limits for 401(k) and IRAs

BY Mary-Benham B. Nygren

The Internal Revenue Service released the annual limits for contributions to retirement plans in 2020.

401(k), 403(b), most 457s and Thrift Savings plans

The annual contribution limit for 401(k), 403(b), most 457 plans and the federal government's Thrift Savings plan increased from $19,000 for 2019 to $19,500 for 2020.

Individuals aged 50 and over can contribute an additional $6,500 to their 401(k), 403(b), most 457 plans or the federal government's Thrift Savings plan as a catch-up payment.

IRAs

The annual contribution limit for IRAs remains at $6,000 for 2020 with the additional catch-up contribution amount for individuals aged 50 and over also remaining at $1,000 for 2020.

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Mary-Benham B. Nygren

Paralegal

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