The IRS has released cost-of-living adjustments to various amounts used to figure contributions and benefits for qualified retirement plans. For example, the elective deferral contribution to 401(k) plans in 2020 is $19,500 ($500 more than in 2019). Those who will be at least 50 years old by the end of 2020 can add another $6,500; this catch-up contribution amount is also $500 higher than in 2019.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
