Contribution Limits
Retirement plan owners can make yearly cash contributions to their individual IRAs and/or workplace plans. There are annual contribution limits in place by the IRS that mandate the maximum amount of money you (and your employer, if applicable) can deposit into your account.
The contribution limits for the accounts listed on this page are the maximum amounts allowable under IRS regulations. Some accounts may have additional restrictions on deposits based on your adjusted gross income (AGI). We encourage you to speak with your tax advisor to ensure eligibility to make full contributions to your retirement plan.
| Account | 2022 | 2023 |
|---|---|---|
| Traditional IRA | ||
| Annual Contribution | $6,000 | $6,500 |
| Catch-Up Contribution (ages 50 and older) | $1,000 | $1,000 |
| Roth IRA | ||
| Annual Contribution | $6,000 | $6,500 |
| Catch-Up Contribution (ages 50 and older) | $1,000 | $1,000 |
| SEP IRA | ||
| Annual Contribution | The lesser of $61,000 or 25% of compensation | The lesser of $66,000 or 25% of compensation |
| SIMPLE IRA | ||
| Employee Salary Deferral | $14,000 | $15,500 |
| Salary Deferral Catch-Up Contribution (ages 50 and older) | $3,000 | $3,500 |
| Employer Matching Contribution | Between 1-3% of employee’s compensation | Between 1-3% of employee’s compensation |
| Employer Non-Elective Contribution | 2% of employee’s compensation | 2% of employee’s compensation |
| Solo 401(k)/Profit-Sharing Plan | ||
| Employee Salary Deferral | $20,500 | $22,500 |
| Salary Deferral Catch-Up Contribution (ages 50 and older) | $6,500 | $7,500 |
| Employer Profit-Sharing Contribution | Up to 25% of salary of self-employed earnings | Up to 25% of salary of self-employed earnings |
| Total Combined Contribution: Salary deferral + profit-sharing match (under age 50) | $61,000 | $66,000 |
| Total Combined Contribution: Salary deferral + profit-sharing match (age 50 or older) | $67,500 | $73,500 |
| Health Savings Account (HSA) | ||
| Individual HSA | $3,650 | $3,850 |
| Family HSA | $7,300 | $7,750 |
| Additional Catch-Up Provision (if over age 55) | $1,000 | $1,000 |
| Coverdell Education Savings Account (ESA) | ||
| Limit Per Beneficiary | $2,000 | $2,000 |
