Maximum IRA Contribution Limits for 2023-2024

Catch up on provisions, IRA comparison, and deadlines.

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Contribution Limits 2022-2023

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 2023  maximum IRA contribution in 2024.

The deadline for 2023 IRA contributions is April 15, 2024.

2023-2024 Self-Directed Traditional IRA and Roth IRA Contribution Limits

ROTH & TRADITIONAL
2023 Maximum Contribution
2024 Maximum Contribution
Traditional IRA and Roth IRA
Contribution Limits if Under Age 50
$6,500
$7,000
Traditional IRA and Roth IRA
Catch-Up Contribution if Over Age 50
+$1,000 ($7,500 max. IRA contribution)
+$1,000 ($8,000 max. IRA contribution)
Contribution Deadline
April 15, 2024
April 15, 2025

2023-2024 Self-Directed SEP IRA Contribution Limits

SEP IRA
2023 Maximum Contribution
2024 Maximum Contribution
SEP Employer Contribution Limits
Up to 25% of compensation, with a maximum of $66,000
Up to 25% of compensation, with a maximum of $69,000
Employee Contributions
N/A
N/A
Employer Contribution Deadline
April 15, 2024 or employer’s tax filing deadline (including extensions)
April 15, 2025 or employer’s tax filing deadline (including extensions)

2023-2024 Self-Directed SIMPLE IRA Contribution Limits

SIMPLE
2023 Maximum Contribution
2024 Maximum Contribution
Employee Contribution Limits if Under 50
$15,500
$16,000
Catch-Up Employee Contribution Limits if Over Age 50
+$3,500 ($19,000 max.)
+$3,500 ($19,500 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, 2024
January 30, 2025

2023-2024 Solo 401(k) - Individual 401(k) Maximum Contribution Limits

Solo 401(k) / Individual K
2023 Maximum Contribution
2024 Maximum Contribution
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: $66,000
The lesser of 25% of employee's compensation up to the maximum limit of: $69,000
Employee Elective Deferrals/ Employee Contributions
Max. $22,500
Max. $23,000
Catch-Up Contribution if Over Age 50
$7,500
$7,500
Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)

2023-2024 Coverdell Education Savings Account (ESA) Contribution Limits

ESA
2023 Maximum Contribution
2024 Maximum Contribution
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, 2024
April 15, 2025

2023-2024 Health Savings Account (HSA) Contribution Limits

HSA
2023 Maximum Contribution
2024 Maximum Contribution
High Deductibles/Out-of-Pocket Limits
Single coverage:
minimum $1,500/ maximum $7,500

Family coverage:
minimum $3,000 / maximum $15,000
Single coverage:
minimum $1,600 / maximum $8,050

Family coverage:
minimum $3,200 / maximum $16,100
Contribution Limits
Single coverage: $3,850

Family coverage: $7,750
Single coverage: $4,150

Family coverage: $8,300
Catch-Up if Over Age 55
$1,000
$1,000
Contribution Deadline
April 15, 2024
April 15, 2025

IRA Comparison Chart 2023-2024

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)

2023 max:
$66,000

2024 max:
$69,000

Each eligible employee must receive the same percentage.

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

Participant contributions:

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

2024: Up to $16,000 in salary deferrals ($19,500 if age 50 or older)
2023: $6,500 ($7,500 if age 50 or older)

2024: $7,000 ($8,000 if age 50 or older)

Contributions are not tax-deductible.
2023: $6,500 ($7,500 if age 50 or older)

2024: $7,000 ($8,000 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 Gross Income (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
April 15