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Monday, Dec 9
All Day The 2019 Chips for Kids Toy Drive
Tuesday, Dec 10
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Wednesday, Dec 11
All Day The 2019 Chips for Kids Toy Drive
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Thursday, Dec 12
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07:00 PM The Games Afoot at Murphys Creek Theatre Through December 15th
Friday, Dec 13
All Day The CFLC Students Present "The Christmas County Spelling Bee" Christmas Play
02:00 PM Sierra Repertory Theatre's Production of Grease Runs Through December 15th
All Day The Games Afoot
07:00 PM The Games Afoot at Murphys Creek Theatre Through December 15th
08:00 PM Bob Malone Band – The Christmas Collection Live
Saturday, Dec 14
All Day The CFLC Students Present "The Christmas County Spelling Bee" Christmas Play
10:00 AM Old Timers Museum Walking Tours Are Every Saturday at 10am.
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
01:00 PM Chocolate Festival
02:00 PM Mountain Melody Women's Presents: "Holiday Belles"s"
02:00 PM Mountain Melody December Concerts in Angels Camp, Mokelumne Hill, Sutter Creek & Douglas Flat
Until 09:30 PM The Games Afoot
Sunday, Dec 15
All Day Our Sunday Edition with Local Features, Local Specials & More Every Sunday All Day Long!
All Day Stevenot Music on the Patio Every Sunday
10:00 AM Make Plans to Attend Moms, Mimosas & Muffins at Crafty Chicks & Co.
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
01:00 PM Just in Time for the Holidays Horse Adoption on December 15th
02:00 PM The Games Afoot
02:00 PM Mountain Melody Women's Presents: "Holiday Belles"
02:00 PM Mountain Melody December Concerts in Angels Camp, Mokelumne Hill, Sutter Creek & Douglas Flat
02:00 PM Sierra Repertory Theatre's Production of Grease Runs Through December 15th
02:00 PM The Games Afoot at Murphys Creek Theatre Through December 15th
Tuesday, Dec 17
10:00 AM Grief Support Classes Offered By Hospice of Amador & Calaveras
Wednesday, Dec 18
06:00 PM Overeaters Anonymous (OA)
06:30 PM Overeaters Anonymous (OA) Meeting
Thursday, Dec 19
All Day Studio 4 Dance Theater’s 2019 Nutcracker is December 19, 20 & 21
06:00 PM Studio 4 Dance Theater presents The Nutcracker
Friday, Dec 20
All Day Studio 4 Dance Theater’s 2019 Nutcracker is December 19, 20 & 21
All Day Studio 4 Dance Theater presents The Nutcracker
Saturday, Dec 21
All Day Studio 4 Dance Theater’s 2019 Nutcracker is December 19, 20 & 21
10:00 AM Old Timers Museum Walking Tours Are Every Saturday at 10am.
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!
Until 09:00 PM Studio 4 Dance Theater presents The Nutcracker
Sunday, Dec 22
All Day Our Sunday Edition with Local Features, Local Specials & More Every Sunday All Day Long!
All Day Stevenot Music on the Patio Every Sunday
11:00 AM Town Tours of Columbia State Historic Park Every Weekend!

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Posted by: thepinetree on 11/13/2019 10:23 AM Updated by: thepinetree on 11/13/2019 10:23 AM
Expires: 01/01/2024 12:00 AM
:

IRA and Retirement Plan Limits for 2020 ~ From Brian J. Tewksbury

Murphys, CA...IRA contribution limits: The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a Roth IRA in 2020, but your total contributions can't exceed these annual limits.




Traditional IRA income limits
If you are not covered by an employer retirement plan, your contributions to a traditional IRA are generally fully tax deductible. For those who are covered by an employer plan, the income limits for determining the deductibility of traditional IRA contributions in 2020 have increased. If your filing status is single or head of household, you can fully deduct your IRA contribution up to $6,000 ($7,000 if you are age 50 or older) in 2020 if your modified adjusted gross income (MAGI) is $65,000 or less (up from $64,000 in 2019). If you're married and filing a joint return, you can fully deduct up to $6,000 ($7,000 if you are age 50 or older) in 2020 if your MAGI is $104,000 or less (up from $103,000 in 2019).

If your 2020 federal income tax filing status is: Your IRA deduction is limited if your MAGI is between: Your deduction is eliminated if your MAGI is:
Single or head of household $65,000 and $75,000 $75,000 or more
Married filing jointly or qualifying widow(er) $104,000 and $124,000 (combined) $124,000 or more (combined)
Married filing separately $0 and $10,000 $10,000 or more
If you're not covered by an employer plan but your spouse is, and you file a joint return, your deduction is limited if your MAGI is $196,000 to $206,000 (up from $193,000 to $203,000 in 2019), and eliminated if your MAGI exceeds $206,000 (up from $203,000 in 2019).

Roth IRA income limits
The income limits for determining how much you can contribute to a Roth IRA have also increased for 2020. If your filing status is single or head of household, you can contribute the full $6,000 ($7,000 if you are age 50 or older) to a Roth IRA if your MAGI is $124,000 or less (up from $122,000 in 2019). And if you're married and filing a joint return, you can make a full contribution if your MAGI is $196,000 or less (up from $193,000 in 2019). (Again, contributions can't exceed 100% of your earned income.)

If your 2020 federal income tax filing status is: Your Roth IRA contribution is limited if your MAGI is: You cannot contribute to a Roth IRA if your MAGI is:
Single or head of household More than $124,000 but under $139,000 $139,000 or more
Married filing jointly or qualifying widow(er) More than $196,000 but under $206,000 (combined) $206,000 or more (combined)
Married filing separately More than $0 but under $10,000 $10,000 or more
Employer retirement plans
Most of the significant employer retirement plan limits for 2020 have also increased. The maximum amount you can contribute (your "elective deferrals") to a 401(k) plan is $19,500 in 2020 (up from $19,000 in 2019). This limit also applies to 403(b) and 457(b) plans, as well as the Federal Thrift Plan. If you're age 50 or older, you can also make catch-up contributions of up to $6,500 to these plans in 2020 (up from $6,000 in 2019). (Special catch-up limits apply to certain participants in 403(b) and 457(b) plans.)

If you participate in more than one retirement plan, your total elective deferrals can't exceed the annual limit ($19,500 in 2020 plus any applicable catch-up contributions). Deferrals to 401(k) plans, 403(b) plans, and SIMPLE plans are included in this aggregate limit, but deferrals to Section 457(b) plans are not. For example, if you participate in both a 403(b) plan and a 457(b) plan, you can defer the full dollar limit to each plan — a total of $39,000 in 2020 (plus any catch-up contributions).

The amount you can contribute to a SIMPLE IRA or SIMPLE 401(k) is $13,500 in 2020 (up from $13,000 in 2019), and the catch-up limit for those age 50 or older remains at $3,000.

Plan type: Annual dollar limit: Catch-up limit:
401(k), 403(b), governmental 457(b), Federal Thrift Plan $19,500 $6,500
SIMPLE plans $13,500 $3,000
Note: Contributions can't exceed 100% of your income.

The maximum amount that can be allocated to your account in a defined contribution plan (for example, a 401(k) plan or profit-sharing plan) in 2020 is $57,000 (up from $56,000 in 2019) plus age 50 catch-up contributions. (This includes both your contributions and your employer's contributions. Special rules apply if your employer sponsors more than one retirement plan.)

Finally, the maximum amount of compensation that can be taken into account in determining benefits for most plans in 2020 is $285,000 (up from $280,000 in 2019), and the dollar threshold for determining highly compensated employees (when 2020 is the look-back year) is $130,000 (up from $125,000 when 2019 is the look-back year).


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