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2020 Tax Reference Amounts

Here is a list of the common items that we are asked about the corresponding amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$6,000
IRA Contribution Limit (Age 50 and Up)$7,000
401(k) Contribution Limit (Through Age 49)$19,500
401(k) Contribution Limit (Age 50 and Up)$26,000

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$104,000 - $124,000
Filing single or head-of-household and active participant in
employer's retirement plan
$65,000 - $75,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$196,000 - $206,000

There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$196,000 - $206,000
Filing single or head-of-household$124,000 - $139,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI (SS updated this)$137,700
Income subject to MedicareNo limit
OASDI to be paid by employee$8,606.25
Amount to earn 1 credit (self-employed)$1,410

Maximum earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$18,240/yr  $1,520/mo
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$48,600/yr  $4,050/mo
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$144.60
Maximum 2018 income for standard Part B premium (Single)$87,000
Maximum 2018 income for standard Part B premium (Joint)$174,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,500
Self-only Coverage (Age 55 and Up)$4,500
Family Coverage (Through Age 54)$7,100
Family Coverage (Age 55 and Up)$8,100

Minimum annual policy deductibles:

Self-only Coverage$1,400
Family Coverage$2,800

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$6,900
Family Coverage$13,800

Mileage Rates

Business use57.5¢
Portion of business deduction allocated to depreciation27.0¢
Medical and Moving17.0¢
Charitable (statutory)14.0¢

Miscellaneous Items

Maximum annual gift amount$15,000
Kiddie Tax threshold (oversimplified - no earned income)$1,100


2019 Tax Reference Amounts