2020 Tax Law Changes
2020 Tax Law Changes
The following is a highlighted list of key tax law changes for 2020. The links provide the source material as well as additional changes that may be relevant to your specific situation.
- IRA required minimum distribution age – This age was raised form 70 ½ to 72. If have not turned 70 ½ buy January 1, 2020, then first year when you must begin taking distributions is the year in which you turn 72.
- 401(k), 403(b) and 457 plan limits – Contributions raised to $19,500 per year and the catch-up raised to $6,500.
- Simple IRA – Raised to $13,500.
- IRA – Contributions remain at $6,000 and catch-up remains at $1000.
Many of the levels of eligibility have also been raised. The details may be found at the IRS link below.
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020