IRS 2020 Retirement Plan Contributions
Maximum workplace retirement plan contribution amounts | 2020 | 2019 |
401(k), 403(b), most 457 plans and federal Thrift Savings Plan | $19,500 | $19,000 |
Catch-up contributions in these plans for people 50 and older | $6,500 | $6,000 |
| ||
IRA contribution limits | 2020 | 2019 |
Traditional and Roth IRAs for people younger than 50 | $6,000 | $6,000 |
Catch-up IRA contributions for people 50 and older | $1,000 | $1,000 |
Defined benefit pension plan annual benefit limits | $230,000 | $220,000 |
Annual employer limit for 401(k)-type plans, SEP IRAs and solo 401(k)s | $57,000 | $56,000 |
Annual contribution limit for SIMPLE plans | $13,500 | $13,000 |
Catch-up contribution limit for people age 50 and up | $3,000 | $3,000 |
| ||
Adjusted gross income phaseout range of IRA deductibility | 2020 | 2019 |
Single and contributing to a workplace plan | $65,000 | $64,000 |
Married filing jointly when the spouse making the contribution has a workplace plan | $104,000 | $103,000 |
Married and covered by a workplace place plan but filing separately | $0 to $10,000 | $0 to $10,000 |
| ||
Roth IRA income eligibility phaseout | 2020 | 2019 |
Single and head of household filers | $124,000 | $122,000 |
Married filing jointly or qualified widow/widowers | $196,000,000 | $193,000 |