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Important Numbers To Know In 2020
Group Benefits News

Important Numbers To Know In 2020

by GoupBenefitsNW 05 Feb 2020 0 comments 401k, FSA, Health Savings Account, Retirement Planning

The Internal Revenue Service announced some very important number companies and employees need to know about health savings accounts, 401(k)s and flexible spending accounts. Note: All of the changes take place in January 2020.

401(k) Pre Tax Limit Increases – Pre-tax contribution limits for employees who participate in a 401(k), 403(b) and most 457 plans increases to $19,500.

401(k) Catch-up Contribution – 50 and over, the additional 401(k) catch-up contribution limit, which is set by law, will stay at $6,500 up $500 from 2019.

IRA Contributions – IRA contribution limits remain $6,000

HSA contributions (Individual) – The Health Savings Account annual limit for individuals is increased to $3,550

HSA Contributions (Family) –  The Health Savings Account limit for families is increased to $7,100

HSA Catch-up Contributions – Unchanged from last year, 55 and older can contribute an extra $1,000 to their health savings account in 2020. (Source)

FSA – The health flexible spending account contribution limit for 2020 is $2,750

These are just some of the numbers which employers and employees should know for 2020.

Disclaimer: The above should only be considered general information. Always consult with your benefits broker, a tax or financial professional and/or the internal revenue service to determine current laws and legal obligations.

Sources: Employee Benefit Adviser, Article by Kathryn Mayer; IRS.gov

 

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