The IRS has issued 2020 covered compensation tables for the 2020 plan year. For purposes of determining covered compensation for the 2020 year, the taxable wage base is $137,700. In Revenue Ruling 2020-2, the 2020 covered compensation tables show an employee’s calendar year of birth, ranging from 1907 to 1987 and later. Each calendar year of birth is coordinated both with the calendar year when the employee reaches Social Security retirement age and with the 2020 covered compensation amount. For example, the 2020 covered compensation amount for an employee who was born in 1954 (and reaches Social Security retirement age in 2020) is $86,052. For more information: http://bit.ly/37GkXao
