Important Annual Amounts for 2020

Here is a list of the common items that we are asked for the amounts of....

Retirement Accounts

IRA Contribution Limit (Through Age 49) $6,000
IRA Contribution Limit (Age 50 and Up) $7,000
401(k) Contribution Limit (Through Age 49) $19,500
401(k) Contribution Limit (Age 50 and Up) $26,000

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):
Filing joint and active participant in employers retirement plan $104,000 - $124,000
Filing single or head-of-household and active participant in employers retirement plan $65,000 - $75,000
Married but filing separate and active participant in employers retirement plan $0 - $10,000
Not active participant in employers retirement plan but spouse is an active participant (filing joint)
$196,000 - $206,000

There are different phase-outs for who can contribute to a Roth IRA (based on AGI):
Filing joint $196,000 - $206,000
Filing single or head-of-household $124,000 - $139,000
Married but filing separate $0 - $10,000

Social Security

Maximum amounts related to withholding:
Income subject to OASDI $137,700
Income subject to Medicare No limit
Maximum OASDI to be paid by employee $8,606.25
Maximum monthly earnings and still receive full Social Security benefits:
Under full retirement age (prior years) $1,520
Year of full retirement (only months prior to reaching full retirement age) $4,050
Full retirement age No limit

Health Saving Account (HSA) Limitations

Annual contribution limits:
Self-only Coverage (Through Age 54) $3,550
Self-only Coverage (Age 55 and Up) $4,550
Family Coverage (Through Age 54) $7,100
Family Coverage (Age 55 and Up) $8,100
Minimum annual policy deductibles:
Self-only Coverage $1,400
Family Coverage $2,800
Maximum annual deductible and out-of-pocket expense:
Self-only Coverage $6,900
Family Coverage $13,800

Mileage Rates

Business use $0.575
Portion of business deduction allocated to depreciation $0.27
Medical and Moving $0.17
Charitable 14.0¢
Amounts for 2019

Any views expressed herein are based on our best information. The content of this web site was written as general information without specific individual information and thus may not apply in all situations. This material was not written, and cannot be used by the taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.

Search this site
Site Map
Feedback on this Page

Total visits to page: 5

Janelle Ogg, EA
Richard Ogg, EA