https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg 0 0 Fred Payne https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg Fred Payne2017-07-07 15:24:582019-11-10 10:14:05How much can I contribute?
- In calendar year 2019, $19,000, but no more than 100% of your paycheck (less FICA taxes). Some plans, for IRS considerations, may impose lower limits for some or all plan participants. (In calendar year 2020, the dollar limit is $19,500.)
- If in calendar year 2019 you are age 50 or older, you can also make a catch-up contribution of $6,000 in addition to the $19,000. (In 2020, the catch-up increases to $6,500.)
- These dollar limits can increase year-by-year given inflation and IRS rules.
- Certain employees designated by the IRS as “highly compensated” may not be able to defer as much as they might otherwise prefer. If you are impacted by these IRS rules, your HR department will undoubtedly inform you of your deferral limitations.