Contributions

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.

Account20192020
Traditional IRAs
Annual Contribution$6,000$6,000
Catch-Up Contribution (ages 50 and older)$1,000$1,000
Roth IRAs
Annual Contribution$6,000$6,000
Catch-Up Contribution (ages 50 and older)$1,000$1,000
SEP IRA
Annual ContributionThe lesser of $56,000 or 25% of compensationThe lesser of $57,000 or 25% of compensation
SIMPLE IRA
Employee Salary Deferral$13,000$13,500
Salary Deferral Catch-Up Contribution (ages 50 and older)$3,000$3,000
Employer Matching ContributionBetween 1-3% of employee’s deferralBetween 1-3% of employee’s deferral
Employer Non-Elective Contribution2% of employee’s compensation2% of employee’s compensation
401(k)/Profit-Sharing Plan
Employee Salary Deferral$19,000$19,500
Salary Deferral Catch-Up Contribution (ages 50 and older)$6,000$6,500
Employer Profit-Sharing ContributionUp to 25% of salary of self-employed earningsUp to 25% of salary of self-employed earnings
Total Combined Contribution: Salary deferral plus profit-sharing match (under age 50)$56,000$57,000
Total Combined Contribution: Salary deferral plus-profit sharing match (age 50 or older)$62,000 $63,500
Health Savings Account (HSA)
Individual HSA$3,500$3,550
Family HSA$7,000$7,100
Additional Catch-Up Provision (if over age 55)$1,000$1,000
Coverdell Education Savings Account (ESA)
Limit Per Beneficiary$2,000 $2,000