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401k Contribution Limits for 2020: What Are They?

By: GrowthRapidly Tax Planning Views: 562 | Comments: 0 | Votes: 0

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The 401k contribution limits for 2020 is $500 more than the contribution limits for the year of 2019. If you’re at least younger than 50 years old, you can contribute up to $19,500 in 2020. The 401k contribution limits for older employees, i.e., 50 years and older, is $19,500 plus an extra $6500.That extra is called a catch up contribution limit. More