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IRS Limits

Below is a summary of many of the most common COLA (cost of living adjustments) made to IRS tax qualified plans. 

Qualified Retirement Plans 2019 2020
Traditional/ROTH IRA $6,000 $6,000
Traditional/ROTH IRA Age 50+   $7,000 $7,000
SIMPLE IRA $13,000 $13,500
SIMPLE IRA Age 50+  $16,000 $16,500
401(k)/403(b) $19,000 $19,500
401(K)/403(b) Age 50+  $25,000 $25,500
SEP IRA $56,000 $57,000
Defined Benefit Plans
$225,000 $230,000



HSA Accounts 2019 2020
Individual $3,500 $3,550
Family $7,000 $7,100
Individual Age 55+  $4,500 $4,550
Family Age 55+ $8,000 $8,100



Federal Long Term Care Insurance (deductible limits)
2019 2020
40 or Less $420 $430
More than 40 but not more than 50 $790 $810
More than 50 but not more than 60 $1,580 $1,630
More than 60 but not more than 70 $4,220 $4,350
More than 70 $5,270 $5,430



Estate Planning - Estate Tax Exemptions 2019 2020
Individual  $11,400,000 $11,580,000
Couple $22,800,000 $23,160,000
Gifts (per person) $15,000 $15,000








Note: Deductibility, contribution and eligibility limits apply according to income. Consult you individual tax adviser regarding your particular situation.

For questions, please contact the Investment Service Center
Nathan Wyatt, Investment Officer
email: nwyatt@investmentservicecenter.net
phone: 308-537-7577 
or 
Will Rahjes, Financial Advisor
email: wrahjes@investmentservicecenter.net
phone: 308-537-7577