New IRS Contribution Limits

Posted by Creekmur Staff on 12:45 PM on March 5, 2020

Changes for 2020

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

*As of January 1st, 2020, you can put up to $6,000 in any type of IRA, for both tax years 2019 and 2020. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2

*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 tax years 2019 and 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 $26,000.1,2

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Topics: 401ks, 403(b), Roth IRAs, Simple Retirement

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