401(k) Contribution Limit Increases

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.

https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500

 

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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