We have updated our Tax Reference Guide for the 2020 tax year. Highlights of new tax limits include:
- New Elective Deferral limits to 401(k), 403(b) & 457 plans
- Below age 50 – $19,500
- Age 50 and over – $26,000
- New Standard Deduction Amount
- Married filing Jointly – $24,800
- Single/Head of Household – $12,400
*For individuals over age 65, the standard deduction is increased by $1,300 if married, or by $1,650 for single filers.
Also of note is a change stemming from the passing of the SECURE Act. There has been an increase in the age requirement for beginning Required Minimum Distributions (RMDs). For individuals born on or after 7/1/1949, RMDs may now be delayed until age 72 (Up from age 70.5).