12/19/2019: 2020 Contribution Limits

2020 Contribution Limits

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The maximum contribution limits for calendar year 2020 are:

Traditional or Roth IRA’s: For those under age 50 the contribution limit is $6,000 and age 50 or over the limit is $7,000.

401K plan participants the limits are: Under age 50 the contribution limit is $19,500 and age 50 or over the contribution limit is $26,000.

Health savings accounts (HSAs): the maximum annual contributions are: $3,550 for an individual with self-only coverage under a high deductible health plan and $7,100 for an individual with family coverage.  Individuals who are 55 or older can also make a catch up contribution of $1,000.  For 2020 a “high deductible health plan” is one that has an annual deductible that is not less than $1,400 for individual-only coverage or $2,800 for family coverage and annual out-of-pocket expenses that do not exceed $6,900 for individual-only coverage or $13,800 for family coverage.

Coverdell Education Savings Account (ESA): the total contributions cannot be more than $2,000 in any year.