What is the combined contribution limit for 401k and Roth 401k?

For 2019 the combined elective deferral and Roth contribution across all of your employers is $19,000, plus, for those age 50 or over in 2019, a $6,000 catch-up, or your total compensation whichever is less.  If you are self-employed, the calculation of the maximum employer contribution is rather complex,  TurboTax uses the Deduction Worksheet for Self-Employed from Chapter 5 of IRS Pub 560:

https://www.irs.gov/pub/irs-pdf/p560.pdf

 

For 2020 the combined elective deferral and Roth contribution limit is raised to $19,500 and the catcu-up is raised to $6,500.

Thanks.  

I just ran through a preview of my 2020 taxes with a download version of TT Home & Business. In the Keogh, SEP and SIMPLE Contribution Worksheet it is still using the old limits of $19000 + $6000 rather than the 2020 limits of $19500 + $6500. Will this be updated shortly? Or is there a way to notify TT of the error?

 

Thanks -

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:

1. 25% of the employee's compensation, or
2. $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?  

Thanks for your quick reply, Dawn! Glad to hear it's on the radar.

 

My 2020 software is up to date as of this morning, so I'll just assume it will be corrected at some point.

 

Thanks again -