The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. The Internal Revenue Code (IRC) requires the limits to be adjusted annually for cost-of-living increases. INTAC is pleased to present this table for your convenience.
Annual Compensation and Contribution Limits for Qualified Retirement Plans
| |
2020 |
2019 |
2018 |
2017 |
401(k) and 403(b) Deferral Limit |
19,500 |
19,000 |
18,500 |
18,000 |
457 Deferral Limit |
19,500 |
19,000 |
18,500 |
18,000 |
401(k), 403(b), 457 Catch-up Contribution Limit |
6,500 |
6,000 |
6,000 |
6,000 |
SIMPLE Deferral Limit |
13,500 |
13,000 |
12,500 |
12,500 |
SIMPLE Catch-up Contribution Limit |
3,000 |
3,000 |
3,000 |
3,000 |
Annual Compensation Limit |
285,000 |
280,000 |
275,000 |
270,000 |
Defined Benefit 415 Limit |
230,000 |
225,000 |
220,000 |
215,000 |
Defined Contribution 415 Limit |
57,000 |
56,000 |
55,000 |
54,000 |
Dollar Limit for HCEs |
130,000 |
125,000 |
120,000 |
120,000 |
Dollar Limit for Key Employee |
185,000 |
180,000 |
175,000 |
175,000 |
Social Security Taxable Wage Base |
137,700 |
132,900 |
128,400 |
127,200 |