2020 Contribution Limits
Annual Contribution Limits are as follows:
401(k)- $19,500
- Additional catch-up election for investors age 50 and older of $6,500
403(b)- $19,500
- Additional catch-up election for investors age 50 and older of $6,500
- Employees who have been with their employer for at least 15 years may defer an additional $3,000 per year for 5 years if their employer allows for these types of catch-up elections.
457 Deferred Comp- $19,500
- Additional catch-up election for investors age 50 and older of $6,500
Traditional IRA- $6,000
- Additional catch-up election for investors age 50 and older of $1,000
ROTH IRA- $6,000
- Additional catch-up election for investors age 50 and older of $1,000
Simple IRA - $13,500
- Additional catch-up election for investors age 50 and older of $3,000
SEP IRA- Up to 25% of total eligible payroll (and not more than $57,000 per participant) and each eligible employee must receive the same percentage.
Coverdell Education Savings Account- $2,000
529 Plans - The current contribution limit is $15,000 per individual or $30,000 if contributing with a spouse. Single contribution amounts can be as high as $75,000 per beneficiary but there are specials rules that go along with those higher contributions. Maximum lifetime contribution limits vary by state & plan.
The information on this web site is deemed accurate but not guaranteed. There are many factors regarding eligibility. Please contact KEI Financial and/or your tax advisor for further information regarding contribution limits.