Contribution Limits
2020
Single Plan IRS Contribution Limits for 2020
| Plan | Maximum Elective Deferrals | Age 50 Catch-up | 457 Special Catch-up* |
|---|---|---|---|
| 457 | $19,500 | $6,500 | Up to $39,000 |
| 401(k)/Roth 401(k) Combined Limit | $19,500 | $6,500 | N/A |
| IRA (Traditional & Roth) Combined Limit | $6,000 | $1,000 | N/A |
Combined 457/401(k) Plans Contribution Limits for 2020
| Age | Combined Maximum | With 457 Special 3-year Catch-up* |
|---|---|---|
| Less than age 50 | $39,000 | Up to $58,500 |
| If age 50 or over | $52,000 | Up to $65,000 |
2019
Single Plan IRS Contribution Limits for 2019
| Plan | Maximum Elective Deferrals | Age 50 Catch-up | 457 Special Catch-up* |
|---|---|---|---|
| 457 | $19,000 | $6,000 | Up to $38,000 |
| 401(k)/Roth 401(k) Combined Limit | $19,000 | $6,000 | N/A |
| IRA (Traditional & Roth) Combined Limit | $6,000 | $1,000 | N/A |
Combined 457/401(k) Plans Contribution Limits for 2019
| Age | Combined Maximum | With 457 Special 3-year Catch-up* |
|---|---|---|
| Less than age 50 | $38,000 | Up to $57,000 |
| If age 50 or over | $50,000 | Up to $63,000 |
*Remember a 457 Plan participant CANNOT elect to use the special catch-up and the age 50-and-over catch-up in the same year.
If you have any questions or need more information, please contact your local Plan Service Representative or the KDC office.
https://www.fool.com/retirement/2019/11/17/2020-savers-credit-let-the-irs-pay-you-to-save-for.aspx
Uncle Sam helps you save more
Find out if you're eligible for the Saver's Credit.
The Saver's Tax Credit rewards low and moderate income taxpayers who are working hard and need more help saving for retirement. If you qualify, it gives you a federal income tax credit on your federal income tax return – just for investing for retirement through your IRA, 403(b), 457 and/or 401 plan.
The Saver's Tax Credit is a non-refundable income tax credit that could reduce your federal income tax liability to $0.
Your eligibility depends on two things: your filing status and your modified adjusted gross income.
These charts help you find out if you qualify for the Saver's Tax Credit in 2019 and 2020.
Filing Status/Adjusted Gross Income for 2020
| Amount of Credit | Joint | Head of Household | Single/Others |
|---|---|---|---|
| 50% of first $2,000 deferred | $0 to $39,000 | $0 to $29,250 | $0 to $19,500 |
| 20% of first $2,000 deferred | $39,001 to $42,500 | $29,251 to $31,875 | $19,501 to $21,250 |
| 10% of first $2,000 deferred | $42,501 to $65,000 | $31,876 to $48,750 | $21,251 to $32,500 |
Filing Status/Adjusted Gross Income for 2019
| Amount of Credit | Joint | Head of Household | Single/Others |
|---|---|---|---|
| 50% of first $2,000 deferred | $0 to $38,000 | $0 to $28,875 | $0 to $19,250 |
| 20% of first $2,000 deferred | $38,501 to $41,500 | $28,876 to $31,125 | $19,251 to $20,750 |
| 10% of first $2,000 deferred | $40,501 to $64,000 | $31,126 to $48,000 | $20,751 to $32,000 |
https://www.fool.com/retirement/2019/11/17/2020-savers-credit-let-the-irs-pay-you-to-save-for.aspx
Talk to your Local Plan Services Representative today to find out more and to discuss your individual goals for your deferred comp account.
We can't give you tax or legal advice. You should check with your tax professional or legal advisor for answers to specific questions.
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