Dollar Limitations on Benefits and Contributions

Please refer to the following chart for Contribution and Deduction limits for benefit plans. Notable changes: For 2020, you can contribute $500 more to your SIMPLE plans. 401(k) deferral limits also increased by $500, as did the 401(k) catch-up limit. Total defined contribution limits increased by $1,000. The IRS taxable Wage Base increased from $132,900 to $137,700.

If you have any questions or would like to discuss benefit plan options, please contact Anne Christian, CPA at achristian@bwtpcpa.com or 314-576-1350.

Anne Christian, CPA is a member of the Retirement Services department at BWTP, P.C. Read more about Anne here.

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