New Limits for 2020

The Internal Revenue Service (IRS) published updated limits for contributions to a 401(k) plan in 2020:

  • Elective deferral limit for Pre-Tax and/or Roth contribution increased from $19,000 to $19,500
  • Annual contribution limit, including Company Match, increased from $56,000 to $57,000
  • Annual compensation limit increased from $280,000 to $285,000
  • Catch-up contribution limit increased from $6,000 to $6,500