Maximum IRA Contribution Limits for 2024-2025

Catch up on provisions, IRA comparison, and deadlines.

Download Contributions Chart

Contribution Limits 2024-2025

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 2024  maximum IRA contribution in 2025.

The deadline for 2024 IRA contributions is April 15, 2025.

2024-2025 Self-Directed Traditional IRA Contribution Limits

Traditional IRA
2024 Maximum Contribution
2025 Maximum Contribution
Traditional IRA Contribution Limits if Under Age 50
$7,000
$7,000
Traditional IRA Catch-Up Contribution if Over Age 50
+$1,000 ($8,000 max. IRA contribution)
+$1,000 ($8,000 max. IRA contribution)
Contribution Deadline
April 15, 2025
April 15, 2026

2024-2025 Traditional IRA Modified Adjusted Gross Income Limits (MAGI) For Deductions

Traditional IRA
2024 Maximum Contribution
2025 Maximum Contribution
Single Active Participant
$77,000-87,000
$79,000-$89,000
Married, Filing Joint Tax Return
$123,000-143,000
$126,000-$146,000
Married, Filing Separate Tax Return
$0 - $10,000
$0-$10,000
Spouse of an Active Participant
$230,000-240,000
$236,000-$246,000

2024-2025 Self-Directed Roth IRA Contribution Limits

ROTH IRA
2024 Maximum Contribution
2025 Maximum Contribution
Roth IRA Contribution Limits if Under Age 50
$7,000
$7,000
Roth IRA Catch-Up Contribution if Over Age 50
+$1,000 ($8,000 max. IRA contribution)
+$1,000 ($8,000 max. IRA contribution)
Contribution Deadline
April 15, 2025
April 15, 2026

2024-2025 Roth IRA Modified Adjusted Gross Income Limits (MAGI) Phase-Out Ranges For Eligibility

Roth IRA
2024 Maximum Contribution
2025 Maximum Contribution
Single Individuals
$146,000-$161,000
$150,000-$165,000
Married, Filing Joint Tax Return
$230,000-240,000
$236,000-$246,000
Married, Filing Separate Tax Return
$0 - $10,000
$0-$10,000

2024-2025 Self-Directed SEP IRA Contribution Limits

SEP IRA
2024 Maximum Contribution
2025 Maximum Contribution
SEP Employer Contribution Limits
Up to 25% of compensation, with a maximum of $69,000
Up to 25% of compensation, with a maximum of $70,000
Employee Contributions
N/A
N/A
SEP Year Compensation Limits
$345,000
$350,000
SEP Year Compensation Exclusion Limit
$750
$750
Employer Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)

2024-2025 Self-Directed SIMPLE IRA Contribution Limits

SIMPLE
2024 Maximum Contribution
2025 Maximum Contribution
Employee Contribution Limits (Elective Deferral)
$16,000 ($17,600 if employer has fewer than 25 employees)
$16,500 ($17,600 if employers has fewer than 25 employees)
Catch-Up Employee Contribution Limits if Over Age 50
+$3,500 ($3,850 if employer has fewer than 25 employees)
+$3,500 ($3,850 if employer has fewer than 25 employees)
Catch-up Employee Contributions if age 60, 61, 62, 63
N/A
$5,250
SIMPLE Employer Contribution: Check with employer which option they have chosen.
Mandatory 3% matching contribution or 2% non-elective contribution. Employer can elect from two different contribution methods (pre-tax or Roth).
Mandatory 3% matching contribution or 2% non-elective contribution. Employer can elect from two different contribution methods (pre-tax or Roth).
Employee Salary Reduction (deferral) Contribution Deadline
Within 30 days after the month in which deferred or 7 business days for W-2 wage earners.
Within 30 days after the month in which deferred or 7 business days for W-2 wage earners.
Employer Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)
Self-Employed (with no common-law employees) Salary Deferral Contribution Deadline
January 30, 2025
January 30, 2026

2024-2025 Solo 401(k) - Individual 401(k) Maximum Contribution Limits

Solo 401(k) / Individual K
2024 Maximum Contribution
2025 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: $69,000
The lesser of 25% of employee's compensation up to the maximum limit of: $70,000
Employee Elective Deferrals/ Employee Contributions
Max. $23,000
Max. $23,500
Catch-Up Contribution if Over Age 50
$7,500
$7,500
Catch-Up Contribution if Age 60, 61, 62, 63
N/A
Up to $11,250
Employer Contribution Deadline
Employer’s tax filing deadline (including extensions)
Employer’s tax filing deadline (including extensions)

2024-2025 Coverdell Education Savings Account (ESA) Contribution Limits

ESA
2024 Maximum Contribution
2025 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, 2025
April 15, 2026

2024-2025 Health Savings Account (HSA) Contribution Limits

HSA
2024 Maximum Contribution
2025 Maximum Contribution
High Deductibles/Out-of-Pocket Limits
Single coverage:
minimum $1,600/ maximum $8,050

Family coverage:
minimum $3,200 / maximum $16,100
Single coverage:
minimum $1,650 / maximum $8,300

Family coverage:
minimum $3,300 / maximum $16,600
Contribution Limits
Single coverage: $4,150

Family coverage: $8,300
Single coverage: $4,300

Family coverage: $8,550
Catch-Up if Over Age 55
$1,000
$1,000
Contribution Deadline
April 15, 2025
April 15, 2026

IRA Comparison Chart 2024-2025

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)

2024 max:
$69,000

2025 max:
$70,000

Each eligible employee must receive the same percentage.

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

Participant contributions:

2024: $16,000 ($17,600 if employer has fewer than 25 employees)

2025: $16,500 ($17,600 if employers has fewer than 25 employees)

2024-2025 Catch up contributions if over 50: $3,500 ($3,850 if employer has fewer than 25 employees)

NEW 2025: higher catch-up for individuals age 60,61,62,63 of $5,250
2024: $7,000 ($8,000 if age 50 or older)

2025: $7,000 ($8,000 if age 50 or older)

Contributions are not tax-deductible.
2024: $7,000 ($8,000 if age 50 or older)

2025: $7,000 ($8,000 if age 50 or older)

Highlights

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

Contributions are tax-deductible for the employer

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

Earnings may be distributed 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:Within 30 days after the month in which deferred or 7 business days for W-2 wage earners.

Employer: Employer’s tax filing deadline (including extensions)
April 15
April 15

IRA Contribution FAQs

How do contributions work? 

An IRA contribution is the money you save in a retirement account from your earned income. Contributions may be limited or have maximums for the year. It’s important to know that the total maximum contribution limit applies to all of your IRAs combined. For example, if you want to make a Traditional IRA contribution and also contribute to a Roth IRA, the total amount that you can contribute for the 2024 tax year is $7,000 ($8,000 if over age 50).

It is the same for the 2025 tax year, Traditional and Roth IRA contribution limits are $7,000 if you're under 50, and $8,000 if you're 50 or older.

Who is eligible to make IRA contributions? 

To make contributions to an IRA, you (or your spouse) must have earned income. As of December 2019, there is no age limit if you have earned income. Earned income includes money from wages when you work for someone or from self-employment income.

Are IRA contributions tax-deductible? 

Contributions to IRAs may be tax-deductible (except for Roth IRA). Deductions are determined by income, Cost of Living Adjustments (COLA), and if you are covered by another plan at work. Everyone’s situation is different. We highly recommend that you consult with a qualified tax or financial professional for guidance.

Can I contribute to more than one IRA or plan? 

Yes. You can contribute to a Traditional or Roth IRA even if you participate in a plan through your employer or business; 401(k), SIMPLE, SEP, and so on. However, your contributions and deductibility may be limited if you (or your spouse) are participating in a plan at work, making contributions to a Spousal IRA, and your income exceeds certain amounts. We recommend that you discuss retirement planning with a tax or financial professional.

Are there income limits to contribute to an IRA? 

There are income limits to contribute to a Roth IRA, however, your eligibility to contribute to a Traditional IRA is not subject to income limits. Traditional IRA deductions may be phased out depending on your income and participation in a workplace retirement plan like a 401(k) or SIMPLE IRA Plan (Savings Incentive Match Plan for Employees). Important to note: Contributions that exceed what's allowed may be subject to a 6% penalty if not removed timely (known as Excess Contributions).

What is the maximum IRA contribution for 2024? 

The maximum depends on the IRA. For Roth IRA and Traditional IRA the maximum is $7,000. If you are over 50 years of age you can contribute $1,000 more (total of $8,000). For a SEP IRA, the contribution limit is up to 25% of compensation, with a maximum of $69,000. And for a SIMPLE IRA, employee contribution limit is $16,000 if you are under 50 years— if you are over 50 the maximum is $19,500. Excess amounts are taxed at 6% per year for each year the excess amount remains in the IRA.

What is the maximum contribution for 2024 if I have multiple IRAs? 

There are two main types of IRAs: Traditional and Roth. In 2024, the combined contribution limit if you have both is $7,000 if you're under 50, and $8,000 if you're 50 or older.

Can my stay home spouse contribute to an IRA? 

If you're married filing jointly, your spouse can contribute to an IRA, even if they don't have earned income themselves. However, your level of earned income may affect the amount you can contribute.