2019-2020 IRA/Retirement Plan Limits
| IRA and Roth IRA Contribution Limits | ||
| Contribution Limit | 2019 | 2020 |
| IRA and Roth IRA | $6,000 | $6,000 |
| Phase Out Income Limits for Deductible IRA Contributions – Covered by Employer Plan | ||
| Tax Filing Status | 2019 | 2020 |
| Single | $64,000-$74,000 | $65,000-$75,000 |
| Married – Filing Jointly | $103,000-$123,000 | $104,000-$124,000 |
| Married – Filing Separately | $0-$10,000 | $0-$10,000 |
| Married – Filing Jointly – Only Spouse Covered by Employer Plan | $193,000-$203,000 | $196,000-$206,000 |
| Phase Out Income limits for Roth IRA Contributions | ||
| Income Limit | 2019 | 2020 |
| Single | $122,000-$137,000 | $124,000-$139,000 |
| Married – Filing Jointly | $193,000-$203,000 | $196,000-$206,000 |
| Married – Filing Separately | $0-$10,000 | $0-$10,000 |
| Catch-up Contributions | ||
| Catch-up Contribution Limit | 2019 | 2020 |
| 401(k), 403(b), 457(b) and SARSEP | $6,000 | $6,500 |
| SIMPLE IRA | $3,000 | $3,000 |
| Traditional or Roth IRA | $1,000 | $1,000 |
| Employer Defined Contribution Plans | ||
2019 | 2020 | |
| Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP | $19,000 | $19,500 |
| Elective Deferral Limit – SIMPLE IRA | $13,000 | $13,500 |
| Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans | $56,000 (or 100% of compensation if less) | $57,000 (or 100% of compensation if less) |
| Total Employer/Employee Contribution Limit – SEP | $56,000 (or 25% of compensation if less) | $57,000 (or 25% of compensation if less) |
| SEP IRA Participant Compensation Threshold | $600 | $600 |
| Recognized Compensation for Retirement Plans | $280,000 | $285,000 |
| Determine Highly Compensated Employee | $125,000 | $130,000 |
| “Key Employee” in a Top-Heavy Plan | $180,000 | $185,000 |
| Saver's Credit | ||
| Adjusted Gross Income Limit | 2019 | 2020 |
| Married – Filing Jointly | $64,000 | $65,000 |
| Head of Household | $48,000 | $48,750 |
| Single, Married Filing Separately, Qualifying Widow(er) | $32,000 | $32,500 |
Changes are in BOLD
Consulting your Tax-Advisor is always recommended
Nelson Securities, Inc. Member FINRA | SIPC
Page Last Reviewed or Updated: January 14, 2020