BenefitsBCLP
IRS Releases 2020 Adjusted Qualified Plan Limitations
Nov 07, 2019
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Qualified Plan Limits |
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| Type of Limitation | 2020 | 2019 | 2018 | 2017 | 2016 |
| Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1)) | $19,500 | $19,000 | $18,500 | $18,000 | $18,000 |
| Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules to be considered as appropriate) | $6,500 | $6,000 | $6,000 | $6,000 | $6,000 |
| SIMPLE Salary Deferral | $13,500 | $13,000 | $12,500 | $12,500 | $12,500 |
| SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| 415 limit for Defined Benefit Plans | $230,000 | $225,000 | $220,000 | $215,000 | $210,000 |
| 415 limit for Defined Contribution Plans | $57,000 | $56,000 | $55,000 | $54,000 | $53,000 |
| Annual Compensation Limit | $285,000 | $280,000 | $275,000 | $270,000 | $265,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 |
$425,000 |
$415,000 |
$405,000 |
$400,000 |
$395,000 |
| Highly Compensated Employee 414(q)(1)(B) | $130,000 | $125,000 | $120,000 | $120,000 | $120,000 |
| Key employee in top heavy plan (officer) | $185,000 | $180,000 | $175,000 | $175,000 | $170,000 |
| Tax Credit ESOP Maximum balance | $1,150,000 | $1,130,000 | $1,105,000 | $1,080,000 | $1,070,000 |
| Amount for Lengthening of 5-Year ESOP Period | $230,000 | $225,000 | $220,000 | $215,000 | $210,000 |
| Taxable Wage Base | $137,700 | $132,900 | $128,400 | $127,200 | $118,500 |
| IRAs for individuals 49 and below | $6,000 | $6,000 | $5,500 | $5,500 | $5,500 |
| IRAs for individuals 50 and above | $7,000 | $7,000 | $6,500 | $6,500 | $6,500 |
| FICA Tax for employees and employers | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% |
| Social Security Tax for employees and employers | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% |
| Medicare Tax for employers and employees | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| Additional Medicare Tax for single or head of household* | .9% of comp >$200,000 |
.9% of comp >$200,000 |
.9% of comp >$200,000 |
.9% of comp >$200,000 |
.9% of comp >$200,000 |
| Additional Medicare Tax for married filing jointly filing status* | .9% of comp >$250,000 |
.9% of comp >$250,000 |
.9% of comp >$250,000 |
.9% of comp >$250,000 |
.9% of comp >$250,000 |
| *For taxable years beginning after 12/31/12, an employer must withhold Additional Medicare Tax on wages or compensation paid to an employee in excess of $200,000 in a calendar year for single/head of household filing status ($250,000 for married filing jointly). | |||||
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