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2020 Annual Contribution Limits

The annual IRS contribution limits are increased periodically due to inflation, but they are not increased every year. Keep in mind that in some 457 plans and the TSP plan, there are a few circumstances when you can contribute above the annual limits. In addition, the maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your income.

Product Maximum Annual Contribution Limit
Traditional IRA & Roth IRA $6,000, plus $1,000 catch-up if 50 or older
(Limit is for the total contributions to all traditional or Roth IRAs)
Traditional 401(k) & 403(b) $19,500, plus $6,500 catch-up if 50 or older
Roth 401(k) & 403(b) $19,500, plus $6,500 catch-up if 50 or older
457 $19,500, plus $6,500 catch-up if 50 or older; potential for additional catch-up when approaching retirement
 
Thrift Savings Plan $19,500, plus $6,500 catch-up if 50 or older
SEP IRA 25% of your self-employment net earnings, up to a cap of $57,000
SIMPLE IRA $13,5000, plus $3,000 catch-up if 50 or older