| 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
|
Copyright © 2021 Benefit Design Services Corporation |
5010 Campuswood Dr, Suite 105, East Syracuse, NY 13057 (map) |
Phone: (315) 437-2484 |
Contact
(315)437-2484
5010 Campuswood Dr, Ste 105, E. Syracuse, NY
