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Annual IRS Limits for Retirement Plans, IRAs and Other Employee Benefits

 

2021 IRS Limits for Retirement Plans, IRAs, and Other Employee Benefits



  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