The Internal Revenue Service (IRS) updated the 401k contribution limit on Oct. 26, 2020, as under :
- Employees can contribute up to $19,500 to their 401(k) plan for 2020 and 2021.
- Catch up contribution for persons aged 50 or over is $6,500 in 2020 and 2021.
As far as the contribution limit under 401k plan for employers is concerned, they can contribute up to $58,000 (or $64,500 with the catch-up contribution). In the year 2020 , the limit was $57,000 (catch-up at $63,500) in 2020;
- How is the 1231 section gain or loss taxed?
- IRS Notifies AFR – Interest Rates – for December 2022
- Search Per Diem Rates State & County wise
- How to Get Form W2 -Old and Current Easily?
- Massachusetts DOR income tax calculator
- IRS Tax Audit: 20 Triggers!
- Capital Gain Tax Calculator For 2022 & 2023
- Tax Form W4: All you Ever Wanted to Know!
- IRS Audit : What, Why, When ?
- 3 Ways to Get first time penalty abatement from IRS?