Plan/IRA Limits |
2020 |
2019 |
2018 |
401(k), 403(b), and SARSEP maximum deferral |
$19,500 |
$19,000 |
$18,500 |
457 maximum deferral |
$19,500 |
$19,000 |
$18,500 |
Catch-up for 401(k), 403(b), SARSEP, and 457 |
$6,500 |
$6,000 |
$6,000 |
SIMPLE election maximum deferral |
$13,500 |
$13,000 |
$12,500 |
Catch-up for SIMPLE |
$3,000 |
$3,000 |
$3,000 |
Defined Benefit-annual benefit |
$230,000 |
$225,000 |
$220,000 |
Defined Contribution-annual contributions |
$57,000 |
$56,000 |
$55,000 |
IRA limit |
$6,000 |
$6,000 |
$5,500 |
IRA catch-up |
$1,000 |
$1,000 |
$1,000 |
|
|
|
|
Compensation Limits |
2020 |
2019 |
2018 |
Maximum compensation |
$285,000 |
$280,000 |
$275,000 |
SEP annual compensation floor |
$600 |
$600 |
$600 |
|
|
|
|
Highly Compensated Employees |
2020 |
2019 |
2018 |
Any employee compensation |
$130,000 |
$125,000 |
$120,000 |
|
|
|
|
Key Employees |
2020 |
2019 |
2018 |
Officer compensation |
$185,000 |
$180,000 |
$175,000 |
1% owner |
$150,000 |
$150,000 |
$150,000 |
|
|
|
|
Covered Compensation Limits |
2020 |
2019 |
2018 |
Social Security |
$137,700 |
$132,900 |
$128,400 |
|
|
|
|
IRA Phase-out Range and Limits |
2020 |
2019 |
2018 |
Single Covered by employer plan |
$65,000-75,000
|
$64,000-74,000
|
$63,000-73,000
|
Married filing jointly Covered by employer plan |
$104,000-124,000
|
$103,000-123,000
|
$101,000-121,000
|
Married filing jointly Not covered but spouse is covered |
$196,000-206,000
|
$193,000-203,000
|
$189,000-199,000
|
|
Roth IRA Phase-out Range and Limits |
2020 |
2019 |
2018 |
Single |
$124,000-139,000
|
$122,000-137,000
|
$120,000-135,000
|
Married filing jointly |
$196,000-206,000
|
$193,000-203,000
|
$189,000-199,000
|
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