The IRS has announced most tax-advantaged contribution limits for 2020. I was waiting to release this post until they announced the Flexible Spending Account (FSA) contribution limits. For some reason, that one was the last to be released.
Being that I’ve started saving for retirement late, I max out all the tax-advantaged accounts I can get my hands on now. That being said, I have an end of the year calendar reminder to notify the accountant who handles payroll at my job to up my contributions accordingly. Each year as the IRS raises the allowable contribution limits, I raise my pre-tax contributions.
This post is to inform you of all tax-advantaged contribution limits for 2020. If I’ve missed any, please feel free to let me know. Additionally, if you are not able to max out any of these accounts, don’t let that intimidate you. Just begin!