For tax years beginning after December 31, 2019, the age for the required beginning date for mandatory distributions is changed to age 72 for taxpayers reaching age 70½ after December 31, 2019. For tax years beginning after December 31, 2019, the rule that you aren’t able to make contributions to your traditional IRA for the year in which you reach age 70½ and all later years has been repealed. Repeal of maximum age for traditional IRA contributions. For more information, see Qualified birth or adoption distribution. Beginning in tax years after December 31, 2019, you can take a distribution from your IRA without it being subject to the 10% additional tax for early distributions if that distribution is for a qualified birth or adoption. Qualified birth or adoption distribution. The catch-up contribution limitation for SIMPLE plans is $3.A participant's catch-up contributions for a year can't exceed the lesser of the following amounts. The catch-up contribution limitation for defined contribution plans other than SIMPLE plans is $6. A plan can permit participants who are age 50 or over at the end of the calendar year to make catch-up contributions in addition to elective deferrals and SIMPLE plan salary reduction contributions. The limit on salary reduction contributions, other than catch-up contributions, is $13,5 and increases to $14,000 in 2022.Ĭatch-up contribution limits for 20. SIMPLE plan salary reduction contribution limit for 20. The limit on annual benefits for a participant in a defined benefit plan is $230,0 and increases to $245,0.

The limit on contributions, other than catch-up contributions, for a participant in a defined contribution plan is $58,0 and increases to $61,0.ĭefined benefit limits for 20. These limits apply for participants in SARSEPs, 401(k) plans (excluding SIMPLE plans), section 403(b) plans, and section 457(b) plans.ĭefined contribution limits for 20. The limit on elective deferrals, other than catch-up contributions, is $19,5 and $20,5. This limit increases to $305,0.Įlective deferral limits for 20. For 2021, the maximum compensation used for figuring contributions and benefits is $290,000.

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