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IRA and Retirement Plan Limits 2019-2020

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