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January 28, 2020
The IRS has announced the increase in contribution limits for various retirement accounts for 2020.
For any employees who participate in 401(k), 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan, the contribution limit is now $19,500 in 2020. This is up from the $19,000 limit in 2019.
The catch-up contribution limit for individuals 50 and older changed in 2020, after remaining the same in 2019. The new limit will be $6,500 for 2020 up from $6,000 in 2019. This limit hadn’t increased since 2015.
The maximum deductible IRA contribution for 2020 has remained the same in 2020 at $6,000, but the phase out AGI’s have increased as follows:
Source and full article here: Retirement plan contribution limits increase for 2020