Contribution Limits for Tax-Advantaged Accounts in 2020
Want to know what the 2020 contribution limits are for your favorite IRS tax-advantaged accounts? I have your ‘need to knows’ here for 2020 as you plan your tax hacks and savings goals for the coming year.
There have been some exciting changes to the tax code this year… Wait, Let me rephrase that. There are some beneficial increases to tax-sheltered account IRS contribution limits this year for those of us on the path to FI.
Naturally, These limits fail to keep up with my calculations for the inflation rate but hey, could be worse. At least we get an increase this year.
Rather than belabor these changes in a long wordy post, I have created a couple of tables so you can quickly reference your ‘need-to-knows’ and get back to your busy day.
Note: These values are for reference only. I did my best to transpose accurately but please double-check with the IRS tax code directly for reliable figures if you are going to bet your financial future on it.
Keep the FIRE burning my friends.
Disclaimer: This site is for informational and entertainment purposes only and shall not be construed as investment, tax or legal advice nor recommendations. Because of the nature of the interactive dialogue inherent in the format of this site, it is important for readers and listeners to understand that not all comments made will apply to them specifically. Nothing said shall be taken to be investment, tax or legal advice, nor shall statements on this site be considered an offer to buy or sell securities. Such advice is rendered solely on an individual basis and at times will require that the investor review a prospectus. You should seek advice for your specific situation from a certified financial advisor, a certified tax advisor, and/or a licensed attorney. I don’t claim to be an expert. Most days, I don’t even claim to be an adult. I just want more friends to drink out of coconuts with me on the beach.
