What Tax and Contribution Limit Changes Will Take Place in 2019?

by | Dec 5, 2018

More changes are coming for 2020 as contribution limits are set to increase once again. This is good news for those looking to defer more of their income to their retirement accounts. See below for some of the major highlights of the tax and contribution limit changes that are set to take place in 2020.

Defined Benefit & Defined Contribution Limits

Defined-contribution plans, basic limit $        57,000
Defined-benefit plans, basic limit $     230,000
401(k), 403(b), 457(b), Roth 401(k) plans elective deferral limit $        19,500
Defined contribution catch up amount (individuals 50 and over) $          6,500
SIMPLE IRA elective deferral limit $        13,500
SIMPLE IRA catch up amount (individuals 50 and over) $          3,000


IRA/Roth IRA Contribution Limits

Traditional, non-deductible IRA contribution limit     None
Traditional, deductible IRA contribution limit $          6,000
Roth IRA contribution limit $          6,000
Roth IRA conversion limit  Unlimited
IRA/Roth IRA catch up amount (individuals 50 and over) $          1,000

Health Savings Account (HSA) Limits

Health Savings Account (HSA) contribution limit – individuals $          3,550
Health Savings Account (HSA) expense limit – individuals $          6,900
Health Savings Account (HSA) contribution limit – families $          7,100
Health Savings Account (HSA) expense limit – families $        13,800


Standard Deduction Amounts

Standard Deduction (Single, or married filing separately) $        12,400
Standard Deduction (Married, filing jointly) $        24,800


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