IRS Increases 401K Contribution Limits for 2020
The IRS Increases 401K Contribution Limits for 2020. As part of its annual inflation adjustments, the Internal Revenue Service announced that employees who invest in 401(k) retirement plans would be able to contribute up to $19,500 next year: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's own Thrift Savings Plan is increasing from $19,000 to $19,500 next year. Meanwhile, the catch-up contribution limit for employees ages 50 and older who participate...