Mon - Fri: 8:00 - 5:00         info@harmonstreet.com         (949) 385-5630         FINRA Broker Check

IRS Contribution Limits

IRAs202220212020
IRA Contribution Limit$6,000$6,000$6,000
IRA Catch-Up Contribution Limit$1,000$1,000$1,000
Traditional IRA AGI Deduction Phase-Out Starting at202220212020
Joint Return $109,000$105,000$104,000
Single or Head of Household $68,000$66,000$65,000
SEP202220212020
SEP Minimum Compensation $650$650$650
SEP Maximum Contribution $61,000$58,000$57,000
SEP Maximum Compensation $305,000$290,000$285,000
SIMPLE Plans202220212020
SIMPLE Maximum Contributions $14,000$13,500$13,500
Catch-Up Contributions$3,000$3,000$3,000
401(k), 403(b), Profit-Sharing Plans, etc.202220212020
Annual Compensation $305,000$290,000$285,000
Elective Deferrals $20,500$19,500$19,500
Catch-up Contributions $6,500$6,500$6,500
Defined Contribution Limits $61,000$58,000$58,000
ESOP Limits $1,230,000
$245,000
$1,165,000
$230,000
$1,150,000
$230,000
Other202220212020
HCE Threshold $135,000$130,000$130,000
Defined Benefit Limits$245,000$230,000 $230,000
Key Employee$200,000$185,000 $185,000
457 Elective Deferrals $20,500$19,500 $19,500
Control Employee (board member or officer) $120,000$115,000 $115,000
Control Employee (compensation-based) $145,000$235,000$230,000
Taxable Wage Base $142,000$142,800$137,700