Tag Archives: 2021
Maximum Benefits and Contributions Limits
2021 IRS Benefits & Contributions Limits Announced
(Posted on October 26, 2020 by Carol V. Calhoun)
On October 26, 2020, the IRS issued IRS Notice 2020-79, announcing the changes in pensions and benefits limits for 2021. The maximum limit on annual additions (primarily to defined contribution plans) rose from $57,000 to $58,000 and the annual limit on compensation taken into account rose from $285,000 to $290,000. Most other limits stayed the same.
A chart showing details, and limits from 1996 to 2021, can be found at this link.
2021 Social Security Wage Base Increases
(Posted on October 13, 2020 by Carol V. Calhoun)
The Social Security Administration today announced that the wage base for 2021 will increase to $142,800 from $137,700. The limits for 1996 through 2021 are shown at this link.