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2020 and 2021 Tax Facts

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2020 and 2021 Tax Facts

 A few changes that will certainly be impacting many businesses and individuals.

Standard Mileage Rate for 2020 and 2021

2020 and 2021 Retirement, HSA & Ohio 529 College Contributions

Social Security Wage Limit 

 

Retirement, Health Savings Account, & Ohio 529 contribtuion limits

 

Below are the key changes effective Jan. 1, 2021 and expiring 2020 limits.

 

 

 

2020

2021

 

 

 

401(k) and 403(b); Employee Elective Deferrals, for individuals 49 and below

$19,500

$19,500

401(k), 403(b), 457(b), or SARSEP Plans, for individuals 50 and above

$26,000

$26,000

SIMPLE Retirement Accounts, for individuals 49 and below

$13,500

 $13,500

SIMPLE Retirement Accounts, for individuals 50 and above

$16,500

$16,500

Defined Benefit Plans

$230,000

$230,000  

Defined Contribution Plans

$57,000

$58,000

Defined Contribution Plans for individuals 50 and above

$63,500

$64,000

Annual Compensation Limits

$285,000

$290,000

Individual Retirement Accounts ("IRAs"), for individuals 49 and below

$6,000

 $6,000 

Individual Retirement Accounts ("IRAs"), for individuals 50 and above 

$7,000

$7,000

Health Savings Account ("HSA"), for individuals 54 and below 

$3,550

$3,600

Health Savings Account ("HSA"), for individuals 55 and above 

$4,550

$4,600

Health Savings Account ("HSA"), for family 54 and below 

$7,100

$7,200

Health Savings Account ("HSA"), for family 55 and above 

$8,100

$8,200

Ohio deductible contributions to College 529 Plans

$4,000

$4,000

 

 

Standard Mileage Rates for 2020 and 2021

The Internal Revenue Service optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 

 

 

2020

2021

 

 

 

Standard cents per mile

.575

.56

Medical or Moving cents per mile

.17

.16

Charitible cents per mile

.14

.14

 

  

 Social Security wage base increase. 

The 2021 amount of wages or earnings subject to Social Security tax  $142,800 up from $137,700.

 

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