The IRS issued Notice 2019-59 announcing the 2020 cost-of-living adjustments (COLAs) applicable to dollar limitations for employer-sponsored retirement plans, including individual retirement arrangements (IRAs). The annual contribution limit remains at $6,000 or $7,000 for those eligible for catch-up contributions. The contribution limit was increased for SIMPLE plans from $13,000 to $13,500. The income limits associated with Traditional IRA deductibility, Roth eligibility, and the tax savers credit have also increased.
For more information, click here to review Notice 2019-59.