If you are a current Midland Trust client, please click here to log in to your account. Looking for account resources? Click here.

View All

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Search in posts
Search in pages
Filter by Categories
Cryptocurrency Investing
ETC News
Featured Your Story
Investor Insights Blog
Managing Your Account
News and Trends
Precious Metals Investing
Press Release
Private Equity and Entity Investing
Promissory Note Investing
Real Estate
Real Life Examples
Roth IRA
Self-Directed IRA Concepts
Small Business Plans
Tax Insights
Tax-Advantaged Accounts

IRA Contribution Limits

Skip the Learning Curve

Talk to a knowledgeable IRA Counselor about self-directed retirement accounts.

2023 & 2024 IRA, HSA, CESA, and Solo 401(k) Plan Contribution Limits

IRA Contribution Limits, Catch Up Provisions, and Contribution Deadlines

2023 | 2024 Contribution Limit Summaries by Account Type

Traditional & Roth IRA | SEP IRA | SIMPLE IRA | Solo 401(k) | CESA | HSA

2023 Traditional & Roth IRA Contribution Limits

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 4/15/2024.

2024 Traditional & Roth IRA Contribution Limits

Traditional & Roth IRA Contributions and Catch Up Provisions
Plan Name Standard Limit Catch-up Limit (Age 50 and older)
Traditional $7,000 $8,000
Roth3 $7,000 $8,000
3Modified AGI Limits:
2024

Single: $146,000 – $161,000
Married Filing Jointly: $230,000 – $240,000
2024 Traditional & Roth IRA Contribution Deadline is 4/15/2025.

Learn more about the Traditional IRA

Learn more about the Roth IRA

 

More Education: What Happens if You Over-Contribute?



2023/2024 – SEP IRA Contribution Limits

Simplified Employee Pension (SEP) IRA Contribution Limits
Year Max Dollar Allocation Max Considered Compensation
2023 $66,000 $330,000
2024 $69,000 $345,000
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.

2023 SEP IRA Contribution Deadline is 4/15/2024.
2024 SEP IRA Contribution Deadline is 4/15/2025.

Learn more about the SEP IRA


2023/2024 – SIMPLE IRA Contribution Limits

Savings Incentive Match Plan for Employees (SIMPLE) IRA Contributions and Catch Up Provisions
Year Standard Limit Catch-up Limit (Age 50 and older )
2023 $15,000 $18,000
2024 $16,000 $19,000
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.

2023 SIMPLE IRA Contribution Deadline for Employees is 12/31/2024.
2024 SIMPLE IRA Contribution Deadline for Employers is 4/15/2025.

2023 SIMPLE IRA Contribution Deadline for Employees is 12/31/2024.
2024 SIMPLE IRA Contribution Deadline for Employers is 4/15/2025.

Learn more about the SIMPLE IRA

 


2023/2024 – 401(k) and Solo(k) Contribution Limits

401(k) & Solo(k) Plans: Employee Salary Deferral Limits
Year Standard Limit Catch-up Limit (Age 50 and older)
2023  $22,500 $30,000
2023 Maximum $66,000 $73,500
2024 $23,000 $30,500
2024 Maximum $69,000 $76,500
2023/2024 401(k) & Solo(k) Contribution Deadline is December 31 for calendar year reporting.

Learn more about the Solo 401(k)


2023/2024 CESA Contribution Limits

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
2023 CESA Contribution Deadline is 4/15/2024.
2024 CESA Contribution Deadline is 4/15/2025.

For more CESA information, click here or see IRA Publication 970.

Access Your Free Coverdell Education Savings Account Report


2023 – HSA Contribution Limits

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.

2024 – HSA Contribution Limits

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) $4,150  $5,150
Family $8,300 $9,300
Health Plan Requirements
High Deductible
Health Plan Coverage
Minimum Deductible
of at Least:
Annual Out-of-Pocket Expense Limit
Individual (Self Only) $1,600 $8,050
Family $3,200 $16,100
2024 HSA Contribution Deadline is 4/15/2025.

For more HSA information, click here or see IRA Publication 969.

Access Your Free Health Savings Account Report

Contribution Limits: Frequently Asked Questions

1

Can I still contribute to a Traditional IRA while also contributing to my workplace 401(k) or other retirement plan, or if my spouse is contributing to their workplace plan?

Yes, you can still contribute to a Traditional IRA; however, you might not achieve a tax deduction for the contribution – this is known as a “non-deductible contribution.” If your income is over a specified amount, defined by the IRS, you may only receive a partial deduction, or you may receive no deduction. When the non-deductible contributions are eventually distributed following the age of 59½, these funds are non-taxable upon withdrawal.

How much is too much? See the current IRS tables or view them on the IRS.gov website. Keep in mind, if you don’t have a workplace plan, but your spouse does, you may still fall into the non-deductible category.

2

Can I still make a spousal contribution if my spouse and I file tax returns separately?

No, if you have a non-working/earned-income-generating spouse, and you file returns separately, your earned income will not support their spousal IRA contribution.

3

What is the five-year Roth IRA seasoning rule?

In order to withdraw gains from your Roth IRA, the account must season, or be established, for at least five years, and you must be 59½ years old or older. Read more about the seasoning rule.

More FAQs

More Resources

Downloadable materials and IRS news to help you plan your contributions.

2023 Contribution Limits Infographic

IRA Contributions & Deductions Infographic

Infographic summarizing IRS contribution limits and catch up provisions for retirement accounts.

View 2023

Contribution Limits Guide download

Equity Trust IRA Contribution Limit Guide

Helpful summaries of each plan available, including specifics on annual contribution limits.

View 2024 Guide

View 2023 Guide

IRS News

October 21, 2022, WASHINGTON — IR-2022-188, The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. (2023 IRA limit increases to $6,500)

November 4, 2021, WASHINGTON — IR-2021-216, The Internal Revenue Service released contribution limits and eligibility income ranges for retirement plans. (2022 IRA limit remains unchanged at $6,000)

October 26, 2020, WASHINGTON — IR-2020-244, The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. (2021 IRA limit remains unchanged at $6,000)

man on mountain

Let’s talk about your financial future.

Schedule a one-on-one session with an expert alternative investment counselor. We’re here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey.

Name*
This field is for validation purposes and should be left unchanged.

By entering your information and clicking Start a Conversation, you consent to receive reoccurring automated marketing text messages and emails about Equity Trust’s products and services. This consent is not required to obtain products and services. If you do not consent to receive text messages and emails from Equity Trust and seek information, contact us at 855-233-4382. Reply STOP to opt out from text messages. Message and data rates may apply. View Terms & Privacy.