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IRS announces 2020 Pension Plan limitations

IRS announces 2020 Pension Plan limitations

The Internal Revenue Service recently announced new pension and retirement plan limits for 2020. Most of the limits and phase-outs show small increases from 2019.

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A FEW CHANGES TO NOTE:
  • For single taxpayers covered by a workplace retirement plan, the income phase-out range is $65,000-$75,000 up from $64,000-$74,000 previously.
  • For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $103,000-$123,000 up from $101,000-$121,000.
  • For an IRA contributor not covered by a workplace retirement plan but married to someone who is covered, the phase-out range is $193,000-$203,000, up from $189,000-$199,000.
  • For single and heads of household taxpayers contributing to a Roth IRA, the income phase-out range is $124,000-$139,000, up from $122,000-$137,000.
  • For married couples filing jointly contributing to a Roth IRA, the income phase-out range is $196,000-$206,000, up from $193,000-$203,000.

See the chart for a comparison of 2019 and 2020 limits and ranges. For any additional questions, be sure to contact your WK advisor at (573) 442-6171 in Columbia or (573) 635-6196 in Jefferson City.

2020 Pension Plan limitations comparison chart

Posted 11-18-2019 | Topics: Client Alerts, Featured News & Resources, News,