Traditional & Roth IRAÂ |Â SEP IRAÂ |Â SIMPLE IRAÂ |Â Solo 401(k)Â |Â CESAÂ |Â HSA
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $6,000 | $7,000 |
| Roth3 | $6,000 | $7,000 |
|
3Modified AGI Limits:
2022
Single: 129,000 – 144,000 Married Filing Jointly: 204,000 – 214,000 2022 Traditional & Roth IRA Contribution Deadline is 18/04/2023. |
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $6,500 | $7,500 |
| Roth3 | $6,500 | $7,500 |
|
3Modified AGI Limits:
2023
Single: 138,000 – 153,000 Married Filing Jointly: 218,000 – 228,000 2023 Traditional & Roth IRA Contribution Deadline is 15/04/2024. |
More Education: What Happens if You Over-Contribute?
| Simplified Employee Pension (SEP) IRA Contribution Limits | ||
| Year | Max Dollar Allocation | Max Considered Compensation |
| 2022 | $61,000 | $305,000 |
| 2023 | $66,000 | $330,000 |
|
The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee’s compensation, which is capped at a maximum as indicated above.
2021 SEP IRA Contribution Deadline is 04/15/2022. 2022 SEP IRA Contribution Deadline is 04/15/2023. |
| Savings Incentive Match Plan for Employees (SIMPLE) IRA Contributions and Catch Up Provisions | ||
| Year | Standard Limit | Catch-up Limit (Age 50 and older ) |
| 2022 | $14,000 | $17,000 |
| 2023 | $15,000 | $18,000 |
|
Employers are generally required to match each employee’s salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee’s compensation.
2022 SIMPLE IRA Contribution Deadline for employees is 12/31/2022. 2022 SIMPLE IRA Contribution Deadline for employees is 04/18/2023. 2023 SIMPLE IRA Contribution Deadline for employers is 12/31/2023. 2023 SIMPLE IRA Contribution Deadline for employers is 04/15/2024. |
| Coverdell Educational Savings Account (CESA) Contribution Limits | |
| Standard Limit (up to age 18) | Modified AGI Limits to Qualify for Account |
| $2,000 | Single: $95,000 – $110,000 Married Filing Joint: $190,000 – $220,000 |
| 2022 CESA Contribution Deadline is 4/18/2023. 2023 CESA Contribution Deadline is 4/15/2024. |
Access Your Free Coverdell Education Savings Account Report
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 – 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,650 | Â $4,650 |
| Family | $7,300 | $8,300 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,400 | $7,050 |
| Family | $2,800 | $14,100 |
| 2022 HSA Contribution Deadline is 4/18/2023. |
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 – 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,850 | $4,850 |
| Family | $7,750 | $8,750 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,400 | $7,050 |
| Family | $2,800 | $14,100 |
| 2023 HSA Contribution Deadline is 4/15/2024. |
1 Equity WayWestlake, OH 44145
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© 2023 Equity Trust®. All rights reserved.
Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional. Equity Institutional services institutional clients of Equity Trust Company. Brokerage Services Available Through ETC Brokerage Services, Member SIPC, and FINRA. *Founded in 1974 | Self-Directed IRA Custodian since 1983. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. **Assets under custody as of 6/30/2023. 1ici.org, total assets in IRAs as of 12/2022
Terms of UsePrivacy PolicySite Map
© 2023 Equity Trust®. All rights reserved.
Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional. Equity Institutional services institutional clients of Equity Trust Company. Brokerage Services Available Through ETC Brokerage Services, Member SIPC, and FINRA. *Founded in 1974 | Self-Directed IRA Custodian since 1983. The predecessor business to Equity Trust Company was established in 1974 and the IRS approved as a custodian in 1983. **Assets under custody as of 6/30/2023. 1ici.org, total assets in IRAs as of 12/2022
You are leaving trustetc.com to enter the ETC Brokerage Services (Member FINRA/SIPC) website (etcbrokerage.com), the registered broker-dealer affiliate of Equity Trust Company. ETC Brokerage Services provides access to brokerage and investment products which ARE NOT FDIC insured. ETC Brokerage does not provide investment advice or recommendations as to any investment. All investments are selected and made solely by self-directed account owners.
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