Broker Check

IRS Limits

COLA Dollar Limitations on Benefits and Contributions

http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions

 

2020

2019

2018

IRAs

IRA Contribution Limit

$6,000

$6,000

$5,500

IRA Catch-Up Contributions

1,000

1,000

1,000

IRA AGI Deduction Phase-out Starting at

Joint Return

104,000

103,000

101,000

Single or Head of Household

65,000

64,000

63,000

SEP

SEP Minimum Compensation

600

600

600

SEP Maximum Contribution

57,000

56,000

55,000

SEP Maximum Compensation

285,000

280,000

275,000

SIMPLE Plans

SIMPLE Maximum Contributions

13,500

13,000

12,500

Catch-up Contributions

3,000

3,000

3,000

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation

285,000

280,000

275,000

Elective Deferrals

19,500

19,000

18,500

Catch-up Contributions

6,500

6,000

6,000

Defined Contribution Limits

57,000

56,000

55,000

ESOP Limits

1,150,000

230,000

1,130,000

225,000

1,105,000

220,000

Other

HCE Threshold

130,000

125,000

120,000

Defined Benefit Limits

230,000

225,000

220,000

Key Employee

185,000

180,000

175,000

457 Elective Deferrals

19,500

19,000

18,500

Control Employee (board member or officer)

115,000

110,000

110,000

Control Employee (compensation-based)

230,000

225,000

220,000

Taxable Wage Base

137,700

132,900

128,400