The year 2020 is just around the corner, which means it’s time for updates on limits to tax advantage retirement account and other important accounts from the IRS.
Here is a complete list of all retirement account and other IRS limits for the year 2020:
Highlights for 2020:
401(k), 403(b) & Thrift Savings Plans - $19,500 (up from $19,000 in 2019)
Trad and Roth- IRA (Individual Retirement Account - $6000 (same in 2019)
- SIMPLE IRA - $13,500 (up from $13,000 in 2019)
- SEP IRA - $ 57,00 (up from $56,000 in 2019)