New 2020 Tax Reference Guide

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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
    • Under 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, 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)

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