Maximum IRA Contribution Limits for 2022-2023

Catch up on provisions, IRA comparison, and deadlines.

Take advantage of tax benefits while saving for retirement in a self-directed IRA. You can establish a self-directed IRA account with a cash contribution. Check out how much you can contribute to an IRA, who is eligible to contribute, and the deadline to make the 2022  maximum IRA contribution in 2023.

The deadline for 2022 IRA contributions is April 15, 2023.

2022-2023 Self-Directed Traditional IRA and Roth IRA Contribution Limits

ROTH & TRADITIONAL
2022 Maximum
2023 Maximum
Traditional IRA and Roth IRA
Contribution Limits if Under Age 50
$6,000
$6,500
Traditional IRA and Roth IRA
Catch-Up Contribution if Over Age 50
+$1,000 ($7,000 max. IRA contribution)
+$1,000 ($7,500 max. IRA contribution)
Contribution Deadline
April 15, 2023
April 15, 2024

2022-2023 Self-Directed SEP IRA Contribution Limits

SEP IRA
2022 Maximum
2023 Maximum
SEP Employer Contribution Limits
Up to 25% of compensation, with a maximum of $61,000
Up to 25% of compensation, with a maximum of $66,000
Employee Contributions
N/A
N/A
Employer Contribution Deadline
April 15, 2023 or employer’s tax filing deadline (including extensions)
April 15, 2024 or employer’s tax filing deadline (including extensions)

2022-2023 Self-Directed SIMPLE IRA Contribution Limits

SIMPLE
2022 Maximum
2023 Maximum
Employee Contribution Limits if Under 50
$14,000
$15,500
Catch-Up Employee Contribution Limits if Over Age 50
+$3,000 ($17,000 max.)
+$3,500 ($19,000 max.)
SIMPLE Employer Contribution
Mandatory 3% matching contribution or 2% non-elective contribution
Mandatory 3% matching contribution or 2% non-elective contribution
Employee Salary Reduction Contribution Deadline
Within 30 days after the month in which deferred
Within 30 days after the month in which deferred
Employer Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)
Self-Employed (with no common-law employees) Contribution Deadline
January 30, 2023
January 30, 2024

2022-2023 Solo 401(k) - Individual 401(k) Maximum Contribution Limits

Solo 401(k) / Individual K
2022 Maximum
2023 Maximum
Employer ContributionsTotal contributions to a participant’s account, not counting catch-up contributions, cannot exceed the maximum allowed for the year.
The lesser of 25% of employee's compensation up to the maximum limit of: $61,000
The lesser of 25% of employee's compensation up to the maximum limit of: $66,000
Employee Elective Deferrals/ Employee Contributions
Max. $20,500
Max. $22,500
Catch-Up Contribution if Over Age 50
$6,500
$7,500
Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)

2022-2023 Coverdell Education Savings Account (ESA) Contribution Limits

ESA
2022 Maximum
2023 Maximum
Contribution Limits
$2,000 per year until the child is age 18 or has special needs.
$2,000 per year until the child is age 18 or has special needs.
Contribution Deadline
April 15, 2023
April 15, 2024

2022-2023 Health Savings Account (HSA) Contribution Limits

HSA
2022 Maximum
2023 Maximum
High Deductibles/Out-of-Pocket Limits
Single coverage:
minimum $1,400 / maximum $7,050

Family coverage:
minimum $2,800 / maximum $14,100
Single coverage:
minimum $1,400 / maximum $7,500

Family coverage:
minimum $2,800 / maximum $15,000
Contribution Limits
Single coverage: $3,650

Family coverage: $7,300
Single coverage: $3,850

Family coverage: $7,750
Catch-Up if Over Age 55
$1,000
$1,000
Contribution Deadline
April 15, 2023
April 15, 2024

IRA Comparison Chart 2022-2023

SEP IRA

SIMPLE IRA

ROTH IRA

TRADITIONAL

Eligibility

Self-employed individuals or small business owners, including those with employees: sole proprietors, partnerships, C corporations, S corporations
Businesses with 100 or fewer employees: sole proprietors, partnerships, C corporations, S corporations

Participating employees must have earned at least $5,000 in compensation during any two years preceding
No age limit

Must have earned income
No age limit

Must have earned income

Contribution Limits

Employer: 25% of compensation or maximum cap for the year (the lesser amount)

2022 max:
$61,000

2023 max:
$66,000

Each eligible employee must receive the same percentage.

Contributions are not mandatory.
Employer contributions: Mandatory 3% matching contribution or 2% non-elective

Participant contributions:

2022: Up to $14,000 in salary deferrals ($17,000 if age 50 or older)

2023: Up to $15,500 in salary deferrals ($19,000 if age 50 or older)
2022: $6,000 ($7,000 if age 50 or older)

2023: $6,500 ($7,500 if age 50 or older)

Contributions are not tax-deductible.
2022: $6,000 ($7,000 if age 50 or older)

2023: $6,500 ($7,500 if age 50 or older)

Highlights

Tax-deferred, so you don’t pay taxes until withdrawn at retirement

Tax-deductible contributions

Easy to set up and maintain

Funded by employer contributions only
Tax deferred, so you don’t pay taxes until withdrawn at retirement

Employer contributions are deductible as business expenses

Funded by employee deferrals and employer contributions
Earnings grow tax-free

Taxes are paid up front, so you’re able to withdraw your contributions tax-free and penalty-free at any time
Tax-deductible contributions based on Modified Adjusted GrossIncome (MAGI)

Contribution Deadline

Employers only:Employer’s tax filing deadline (including extensions)
Employees:No later than 30 days after the month in which deferred

Employer: Employer’s tax filing deadline (including extensions)

Self-employed (with no common-law employees): January 30
April 15, 2023
April 15, 2024