There's a little good news for taxpayers out this week from the IRS: The amounts that people can contribute to retirement plans have, for the most part, inched up for 2020. Employees in 401(k) plans would be able to contribute as much as $19,500 in 2020, up from $19,000.
Participants in 403(b), most 457 plans and the federal government’s Thrift Savings Plan will also see their contribution increased to $19,500. The catch-up contribution limit for employees 50 and older who participate in these plans will increase to $6,500 from $6,000.
One that didn't step up: The limit on annual contributions to an IRA remains unchanged at $6,000. The additional catch-up contribution limit for individuals aged 50 and over also remains $1,000.