401(k) Contribution Limit Increases
401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500.
The IRS announced today that the annual contribution limit for employees who participate in 401(k) plans will increase from $19,000 to $19,500 in 2020. The catch-up contribution limit for employees that are 50 years old (or should we say young) and over who participate in these plans is increased from $6,000 to $6,500.
For further information regarding this topic or changes to other plan limits, we have provided a link below to the applicable IRS News Release; or feel free to contact us and ask to speak to one of our tax professionals, 410-792-7259.
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