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Retirement

IRA Limits 2020 2021
IRA – Traditional or Roth
(income limits apply)
$6000 ($7000 for those age 50 and older) $6000 ($7000 for those age 50 and older)
SEP IRA Limits 2020 2021
Employee 0 0
Employer Up to 25% of W-2 wages for all eligible employees, $57,000 max Up to 25% of W-2 wages for all eligible employees, $58,000 max
Self-Employed 25% of (net self-employment income minus SE tax), $57,000 max 25% of (net self-employment income minus SE tax), $58,000 max
Simple IRA 2020 2021
Employee $13,500 ($16,500 for those age 50 or older) $13,500 ($16,500 for those age 50 or older)
Employer Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years);
or
Option 2: 2% of wages for all employees, $285,00 Max
Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years);
or
Option 2: 2% of wages for all employees, $290,00 Max
Self-Employed 100% of self-employment income up to $13,500 ($16,500 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax) 100% of self-employment income up to $13,500 ($16,500 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)
401-K 2020 2021
Employee $19,500 ($26,000 for those age 50 and older) $19,500 ($26,000 for those age 50 and older)
Employer Up to 25% of W-2 wages. Wages up to $285,000 Up to 25% of W-2 wages. Wages up to $290,000
Employee + Employer combined $57,000 ($62,000 for those age 50 and older) $58,000 ($64,500 for those age 50 and older)
Self Employed 100% of self-employment income up to $19,500 ($26,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $57,000 ($63,500 for those age 50 and older) 100% of self-employment income up to $19,500 ($26,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $58,000 ($63,500 for those age 50 and older)
Catch up contributions for individuals 55 or older (but less than 65) – $1,000
Contribution limits are prorated (1/12 per month) for a partial year.