Question: what is the maximum contribution limit?
Answer: The basic limit on elective deferrals is 19,500 in 2020, $19,000 in 2019, $18,500 in 2018, and $18,000 in 2015 - 2017, or 100% of the employee's compensation, whichever is less. The elective deferral limit for SIMPLE plans is 100% of compensation or $13,500 in 2020, $13,000 in 2019 and $12,500 in 2018.