2020- LIMITS for 403(b) and 401(k) Plan Maximum allowed contribution up to $19,500, and up to $26,000 for those of you who will be age 50+ by December 31st, 2020. Limit applies per person, per year, to all 403(b) contributions. ROTH 403(b) (or ROTH TSA’s) are now available if allowed by your District. You may make allocations in any combination of 403(b) or ROTH 403(b). Participants may have multiple 403(b) or TSA’s in any combination, Fixed Annuity, Index Annuity, Variable Annuity, Roth & Mutual Funds are your choices.
Individual Retirement Plans Traditional IRA Plans and ROTH IRA contribution limits for 2020 are $6,000 if younger than 50 and $7,000 for those individuals 50 and older. Please contact our office for phase out and limit restrictions based on Modified Adjusted Gross Income allowances and marital status. RMD distributions are now required at age 72 for 2020 + tax filers. Contributions to IRA 's past age 70 !/2 are now allowed same limits as the ROTH if you have earned income. The age cap for contributions has been removed from Traditional IRA plans. You should consult your tax advisor if you have questions regarding your tax situation.
Ballesteros Family Insurance Services, 2190 Sombrero Dr. Los Osos, CA, 93402 Phone 800 549-7476