The retirement plan limits for 2020 have been released. The 401(k) and SIMPLE IRA deferral limits increased, along with the catch-up contributions for 401(k), maximum plan compensation, the annual addition limit and the taxable wage base.
Other limits, such as the contribution limit for personal IRAs, catch-up contributions for both SIMPLE IRAs and personal IRAs, and the SEP earnings threshold, remain unchanged.
The new chart is attached for your reference. If you need any help, please reach out to your JMF adviser.
2020 Plan Limits w-IRAs