10 Tax Law Changes You Should Definitely Know Before Filing a Return in 2020

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7. Higher 401(k) contribution caps

The IRS limit for pre-tax contributions to 401(k) pension plans has actually increased slightly from $19,000 to $19,500 for tax year 2019. Stashing more away is an easier way to minimize one’s taxable income while planning ahead.

Taxpayers who are 50 and older can catch up on their retirement savings by contributing up to an additional $6,500, also a $500 increase from last year. The base contribution for an individual retirement account (IRA) similarly increased, up $500 to $6,000.

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