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IRA Contribution Limits, Catch Up Provisions, and Contribution Deadlines
Traditional & Roth IRA | SEP IRA | SIMPLE IRA | Solo 401(k) | CESA | HSA
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. |
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. |
More Education: What Happens if You Over-Contribute?
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. |
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 | $18,500 |
2024 | $16,000 | $19,500 |
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 12/31/2023. 2024 SIMPLE IRA Contribution Deadline for Employees is 12/31/2024. |
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 |
2023 CESA Contribution Deadline is 4/15/2024. 2024 CESA Contribution Deadline is 4/15/2025. |
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. |
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. |
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?
Can I still make a spousal contribution if my spouse and I file tax returns separately?
What is the five-year Roth IRA seasoning rule?
Downloadable materials and IRS news to help you plan your contributions.
Infographic summarizing IRS contribution limits and catch up provisions for retirement accounts.
Helpful summaries of each plan available, including specifics on annual contribution limits.
View 2023 GuideNovember 1, 2023, WASHINGTON — IR-2023-203, The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. (2024 IRA limit increases to $7,000)
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)
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