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
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