IRA, Simple IRA, SEP, and 401k Contribution Limits for 2020

  2020 2019 2018

IRAs

IRA Contribution Limit $6,000 $6,000 $5,500
IRA Catch-Up Contributions 1,000 1,000 1,000

IRA AGI Deduction Phase-out Starting at

Joint Return 104,000 103,000 101,000
Single or Head of Household 65,000 64,000 63,000

SEP

SEP Minimum Compensation 600 600 600
SEP Maximum Contribution 57,000 56,000 55,000
SEP Maximum Compensation 285,000 280,000 275,000

SIMPLE Plans

SIMPLE Maximum Contributions 13,500 13,000 12,500
Catch-up Contributions 3,000 3,000 3,000

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation 280,000 275,000 270,000
Elective Deferrals 19,500 19,000 18,500
Catch-up Contributions 6,500 6,000 6,000
Defined Contribution Limits 57,000 56,000 55,000

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