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    4. 2020 contribution limits for 401 k and IRAsArticles

    Article

    2020 contribution limits for 401 k and IRAs

    Nov 26, 2019

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    By Mary-Benham Nygren

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

    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.

    Trusts And EstatesWealth PlanningRetirement PlanningTrusts, Fiduciaries & Wealth ManagementIncome Tax

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