| Provision |
2019 Tax Year |
2020 Tax Year |
| Maximum IRA contribution (under age 50) |
$6,000 |
$6,500 |
| Maximum IRA contribution (age 50 and over) |
$7,000 |
$7,000 |
| Maximum 401(k), 403(b), or 457 salary-deferral (under age 50) |
$19,000 |
$19,500 |
| Maximum 401(k), 403(b), or 457 salary-deferral (age 50 and over) |
$25,000 |
$26,000 |
| 415(c)(1)(A) Defined Contribution Dollar Limit (under age 50) |
$56,000 |
$57,000 |
| 415(c)(1)(A) Defined Contribution Dollar Limit (age 50 and over) |
$62,000 |
$63,500 |
| Maximum SIMPLE salary-deferral (under age 50) |
$13,000 |
$13,500 |
| Maximum SIMPLE salary-deferral (age 50 and over) |
$16,000 |
$16,500 |
| Maximum considered compensation for computing contributions |
$280,000 |
$285,000 |
| Minimum compensation to determine “Highly Compensated” |
$125,000 |
$130,000 |
| 415(b)(a)(A) Defined Benefit/Cash Balance Dollar Limit |
$225,000 |
$230,000 |
| Taxable Wage Base |
$132,900 |
$137,700 |
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