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In guidance released Wednesday, the Internal Revenue Service said employees in 401(k) plans will be able to contribute as much as $19,500 in 2020. Participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will see that contribution limit increased from $19,000 in 2019.

The guidance introduced several other changes as well: The catch-up contribution limit for employees 50 and older who participate in these plans will increase to $6,500, from $6,000. The limitation on SIMPLE retirement account contributions will increase from $13,000 for 2019 to $13,500 for 2020. In addition, income ranges used to determine eligibility for making deductible contributions to traditional IRAs, contributing to Roth IRAs, and claiming the Saver’s Credit will all increase for 2020.

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