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 email@example.com or 314-576-1350.