If we're 50, invest $26K in a simple 401k in 2020. TurTax is telling the limit is $19.5K. Is simple 401k different than a regular 401K in the amount allowed to Deduct?

bilinski5 · ‎February 25, 2021

MinhT1 · ‎February 25, 2021

For a SIMPLE 401(k), the maximum contribution for 2020 is $13,500.

The catch-up amount applicable to a SIMPLE 401(k) in 2020 is $3,000 for participants aged 50 and older.

Please read this IRS document for more information.

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SweetieJean · ‎February 25, 2021

Do both spouses work for the business that has the Simple IRA? And is that business profit enough to cover the simple IRA contribution?

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