The table below are the retirement contribution limits for 2020 and 2019. Individuals have until the due date of their tax return (April 15, 2020 for 2019 Individual Income Tax Returns) for certain retirement plans. In addition, certain individuals may qualify for the retirement savers tax credit for their contributions. Additional catch up contributions may be allowed for those 50 years and older. Certain income limitations may apply, please contact us with additional questions.
| RETIREMENT CONTRIBUTIONS | 2020 | 2019 | |||
| IRA Contributions | |||||
| Base Contribution | $6,000 | $6,000 | |||
| Age 50 Catch Up | $1,000 | $1,000 | |||
| Simple IRA | |||||
| Base Contribution | $13,500 | $13,000 | |||
| Age 50 Catch Up | $3,000 | $3,000 | |||
| 401(k), 403(b), 457 Plan | |||||
| Base Contribution | $19,500 | $19,000 | |||
| Age 50 Catch Up | $6,500 | $6,000 | |||
| Defined Contribution – Limit | $57,000 | $56,000 | |||