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    Piaker & Lyons
    Certified Public Accountants
  • Binghamton, NY
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    Piaker & Lyons
    Here at Piaker & Lyons, we pride ourselves in our vast community involvement.
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  • Binghamton, NY
    Services
    With over 70+ years with the community.
    We are an established company ready to help you.

In The News

* 2021 & 2020 Pension Plan Limitations & SS Wage Base
11/25/2020

The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $19,500 for 2021 and 2020.

The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $6,500 for 2021 and 2020.

The limit on annual contributions to an Individual Retirement Arrangement (IRA) is $6,000 for 2021 and 2020.  The catch-up contribution to an IRA for individuals aged 50 and over is an additional $1,000.

The limitation for defined contribution plans under Section 415(c)(1)(A) is $58,000 for 2021 and $57,000 for 2020.

The limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) is $19,500 for 2021 and 2020.

The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C) and 408(k)(6)(D)(ii) is $290,000 for 2021 and $285,000 for 2020.

The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan is $185,000 for 2021 and 2020.

The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) is $130,000 for 2021 and 2020.

 The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts is $13,500 for 2021 and 2020.    The catch-up contribution to a SIMPLE for individuals aged 50 and over is an additional $3,000.

The taxable wage base for Social Security is $142,800 for 2021 and $137,700 for 2020.

History

Piaker & Lyons has over 70+ years with the community. We are well-established, multi-site regional independent certified public accounting firm committed to providing our clients with responsible, value-added services.

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We pride ourselves on our vast community involvement. Collaborating with community members and to advocate and strengthen meaningful community relationships.

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