401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have increased $500 to $19,500. The annual catch-up limitation for employees over age also increases $500, to $6,500.
Translations from Your Trusted Advisor.
Wednesday, the IRS released Notice 2019-59 which provides cost of living adjustments for retirement plans for 2020.
401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have increased $500 to $19,500. The annual catch-up limitation for employees over age also increases $500, to $6,500.
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Yesterday the IRS released inflation adjustments for the 2020 tax year.
The standard deduction for married filing jointly taxpayers is increasing $400 to $24,800. It will be $12,400 ($200 increase) and $18,650 ($300 increase) for single and head of household taxpayers, respectively. We are changing the way we internally access our clients' QuickBooks Online accounts and would like to request you to make an update on your end. Currently you’ve invited your accountant as the accounting firm for access to your QBs. We would like to change this to our new firm account which is qbo@masonrich.com.
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