Yes, it will be updated. Retirement Plans for Self-Employed People
The 401K contribution limit is 19,500 for 2020 and 2021 (under 50 years old).
The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $13,500 in 2020 and 2021 (under 50 years old).
Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of:
- 25% of the employee's compensation, or
- $57,000 for 2020 and $58,000 for 2021
Make sure your 2020 program is fully updated. How do I update my TurboTax CD/Download software program?
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