| 2021 | 2020 | |
| 401(k), 403(b), 457 |
||
| Annual compensation limit |
$290,000 | $285,000 |
| Defined contribution limit |
$58,000 |
$57,000 |
| Elective deferral limit |
$19,500 |
$19,500 |
| Catch-up contribution limit (age 50+) |
$6,500 |
$6,500 |
| SIMPLE Plans |
||
| Elective deferral limit |
$13,500 |
$13,500 |
| Catch-up contribution limit (age 50+) |
$3,000 |
$3,000 |
| SEP Plans |
||
| Annual compensation limit |
$290,000 |
$285,000 |
| Elective deferral limit |
$19,500 |
$19,500 |
| Minimum compensation limit |
$650 |
$600 |
| Catch-up contribution limit (age 50+) |
$6,500 |
$6,500 |
| Traditional and Roth IRAs |
||
| Annual contribution limit |
$6,000 |
$6,000 |
| Catch-up contribution limit (age 50+) |
$1,000 |
$1,000 |
| Health Savings Accounts |
||
Annual contribution limit for family |
$7,200 |
$7,100 |
| Annual contribution limit for individual |
$3,600 |
$3,550 |
| Other |
||
| Social Security taxable wage base |
$142,800 |
$137,700 |
| Definition limit for highly compensated employee |
$130,000 |
$130,000 |
| Definition limit for key employee |
$185,000 |
$185,000 |
| Annual benefit limit for defined benefit plans |
$230,000 |
$230,000 |
| ESOP 5-year distribution threshold |
$1,165,000 |
$1,150,000 |
| ESOP additional year threshold |
$230,000 |
$230,000 |
| Standard Deductions |
||
| Married/filing jointly and qualified widow(er)s |
$25,100 |
$24,800 |
| Additional amount for blind or age 65+ |
$1,350 |
$1,300 |
| Single |
$12,550 |
$12,400 |
| Additional amount for blind or age 65+ |
$1,700 |
$1,650 |
Hartford Funds Distributors, LLC, Member FINRA
This content is not intended to be impartial investment or fiduciary advice.
Hartford Funds does not provide legal or tax advice. Shareholders should consult a legal or tax professional for additional information. This information is provided for information purposes only.
MFDC011 219468