The Internal Revenue Service announced it is increasing its 401, 403 and most Thrift Savings Plans deferred contribution limit to $19,500 next year, up from $19,000 in 2019. Catch up contributions are also jumping $500, to $6,500 in 2020. That means Americans 50 years and older can contribute a total of $26,000 in 2020.
The IRS has also adjusted the income limits for eligible deductions of IRA contributions. The phase-out range determines if a taxpayer can claim a deduction on their federal income tax return for their IRA contributions — someone who earns between the range would be limited in what they can claim, whereas someone earning past the range would not be able to claim a deduction. Taxpayers who are not covered by an employer-sponsored plan can deduct their contributions in full, according to the IRS.
The total contribution limit to 401 and similar plans increased to $57,000, up from $56,000, and would include employee contributions as well as employer contributions.
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