We will close early on Wednesday, December 24, and Wednesday, December 31. We will be closed on Thursday, December 25, and Thursday, January 1.

Contribution Limits

For Individuals
For Business Owners
Other Accounts

Traditional IRA

  • 2024: Max contribution of $7,000 per calendar year (catch-up contribution of $1,000 if age 50+), or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit
  • 2025: Max contribution of $7,000 per calendar year (catch-up contribution of $1,000 if age 50+), or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit

Roth IRA

  • 2024: $7,000 per calendar year (catch-up contribution of $1,000 if age 50+) *Income restricted, or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit
  • 2025: $7,000 per calendar year (catch-up contribution of $1,000 if age 50+) *Income restricted, or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit

SEP IRA

  • 2024: Should not exceed 25% of income
    • Max contribution of $69,000 per calendar year
  • 2025: Should not exceed 25% of income
    • Max contribution of $70,000 per calendar year

SIMPLE IRA

  • 2024: Max contribution of $16,000 per calendar year (catch-up contribution of $3,500 if age 50+)
  • 2025: Max contribution of $16,500 per calendar year (catch-up contribution of $3,500 if age 50-59 or 64 and above; $5,250 ages 60-63)

Solo 401(k)

  • Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit:
    • 2024: $23,000 with a $7,500 catch-up contribution for individuals age 50+
    • 2025: $23,500 with a $7,500 catch-up contribution for individuals age 50-59 or 64 and older. $11,250 catch-up contribution for ages 60-63.
  • Employer non-elective contributions up to:
    • 25% of compensation as defined by the plan

Health Savings Account (HSA)

  • 2024: $4,150 per calendar year for single coverage; $8,300 per calendar year for family coverage (catch-up contribution of $1,000 if age 55+)
  • 2025: $4,300 per calendar year for single coverage; $8,550 per calendar year for family coverage (catch-up contribution of $1,000 if age 55+)

Education Savings Account (ESA)

  • $2,000 per calendar year

For additional information, please reference the IRS website at irs.gov.