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Category: IRA Resources

Find comprehensive information on IRA Resources from Ubiquity Retirement + Savings. Find easy to understand rules and regulations on IRA plans, along with tips and advice from our team of IRA investment experts. Call Ubiquity today for a Free Consultation at 855.466.5825.

Ubiquity Retirement + Savings: Stay Up-To-Date.

Download our 2020 Contribution Guide

Curious how much you can invest toward your retirement in 2020? The IRS has announced the 2020 contribution limits for retirement and health savings accounts. Changes include increased contribution limits for 401(k) and 403(b) plans, as well as income limits for IRA contribution deductibility. Additionally, the salary threshold to classify “key” and “highly compensated employees” has been announced. Review our quick guide of the updated limits below.

2020 401(k) and 403(b) individual contribution limits (IRS 402(g) Limit)

2019

2020

Age 49 and under

$19,000

$19,500

Age 50 and older

Additional $6,000

Additional $6,500

The IRS has also set limits for the total amount that may be contributed to your retirement savings 401(k) account from all sources combined (IRS section 415 limit). This includes any employer matching or profit-sharing contributions, and any employee after-tax contributions. For 2020, the maximum is $57,000.

Every plan is different, so it’s important to refer to your Plan Document for any compensation or other applicable limits.

2020 Highly Compensated and Key Employee definitions and limits

2019

2020

Key Employee Officer Compensation

$180,000

$185,000

Highly Compensated Employee

$125,000

$130,000

Annual Compensation Limit

$280,000

$285,000

2020 Roth and Traditional IRA contribution limits

2019

2020

Age 49 and under

Up to $6,000 (must have earned income)

Up to $6,000 (must have earned income)

Age 50 and older

Additional $1,000

Additional $1,000

2020 Traditional IRA modified adjusted gross income limit for partial deductibility

2019

2020

Single

$64,000-$74,000

$65,000-$75,000

Married – Filing joint returns

$103,000 – $123,000

$104,000-$124,000

Married – Filing separately

$0 – $10,000

$0 – $10,000

Non-active participant spouse

$193,000 – $203,000

$196,000-$206,000

2020 Roth IRA modified adjusted gross income phase-out ranges

2019

2020

Single

$122,000 – $137,000

$124,000 – $139,000

Married – Filing joint returns

$193,000 – $203,000

$196,000 – $206,000

Married – Filing separately

$0 – $10,000

$0 – $10,000

2020 Simple IRA contribution limits

2019

2019

Age 49 and under

$13,000

$13,500

Age 50 and older

$16,000

$16,500

2020 Health Savings Accounts (HSA) contribution limits

2019

2020

Individual (employer + employee)

$3,500

$3,550

Family (employer + employee)

$7,000

$7,100

Age 55 or older**

Additional $1,000

Additional $1,000

**Catch-up contributions can be made at any time during the year in which the HSA participant turns 55.

If you need more detailed guidance, see IRS Notice 2019-59.

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44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

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© 2019 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

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