For tax year 2020, the contribution limits for 401(k), IRA and HSA plans have increased.
401(k)
- Increased to $19,500
- Catch-up Contributions (taxpayers over age 50) increased to $6,500
IRA
- Increased to $6,000 (traditional and Roth combined)
- Catch-up Contributions (taxpayers over age 50) increased to $1,000
HSA
- Increased to $3,550 for Self-Only Coverage
- Increased to $7,100 for Family Coverage