There’s a whole new year of opportunities waiting for us in 2020! Beginnings, ends, and all the in-betweens. For some, it’s another year closer to retirement. For others, this will be your year to sit back and relax from the stresses of work. And congratulations to you! For those of you who are preparing for retirement, keep in mind the following adjustments that the IRS has made for this year:
- The contribution limit for 401(k), 403(b), most 457 plans, and the government’s Thrift Savings Plan has increased from $19,000 to $19,500.
- The catch-up contribution limit for employees 50 and older who have one of these plans has increased from $6,000 to $6,500.
- The income ranges for determining your eligibility for IRAs, Roth IRAs, and Saver’s Credit have all increased for this year.
- The contribution limit for an IRA remains at $6,000 with the additional catch-up for those 50 and older remains at $1,000.
Remember to keep adding to your retirements this year so you can fully enjoy it! For other tips or help about accounting, payroll, or QuickBooks, contact us at Stapley Accounting in Smithfield.