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Innovative Solutions for Executive Benefits

Innovative Solutions for Executive Benefits

Karr Barth Administrators, Inc.

IRS Rates and Limits

IRS Limits
Qualified Retirement Plans Limits 2019 2020
Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) $19,000 $19,500
401(k) Age 50+ catch-up contribution 6,000 6,500
Maximum IRA contribution limit 5,500 6,000
IRA Age 50+ catch-up contribution 1,000 1,000
Maximum elective deferral to SIMPLE plan 13,000 13,500
SEP minimum compensation amount 600 600
Annual includable compensation limit 280,000 285,000
Defined contribution plan annual addition limit (415 limit) 56,000 57,000
Highly compensated employee compensation limit 125,000 130,000
Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) 225,000 230,000
Social Security 2019 2020
Maximum Compensation Subject to FICA Taxes:    
OASDI (Social Security) maximum $132,900 $137,700
HI (Medicare) maximum No limit No limit

Detailed IRS Tax Tables - 2019/2020