📢 ATTENTION 📢
New information regarding IRAs has been published per the Secure Act 2.0, signed into law on December 29th, 2022. Please click here to access and download.

Contribution Limits

For Individuals
For Business Owners
Other Accounts

Traditional IRA

  • 2022: Max contribution of $6,000 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
  • 2023: Max contribution of $6,500 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

  • 2022: $6,000 per calendar year (catch-up contribution of $1,00 if age 50+) *Income restricted, or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit
  • 2023: $6,500 per calendar year (catch-up contribution of $1,00 if age 50+) *Income restricted, or
    • Your taxable compensation for the year, if your compensation was less than the above dollar limit

SEP IRA

  • 2022: Should not exceed 25% of income
    • Max contribution of $61,000 per calendar year
  • 2023: Should not exceed 25% of income
    • Max contribution of $66,000 per calendar year

SIMPLE IRA

  • 2022: Max contribution of $14,000 per calendar year (catch-up contribution of $3,000 if age 50+)
  • 2023: Max contribution of $15,500 per calendar year (catch-up contribution of $3,500 if age 50+)

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:
    • 2022: $20,500 with a $6,500 catch-up contribution for individuals age 50+
    • 2023: $22,500 with a $7,500 catch-up contribution for individuals age 50+
  • Employer non-elective contributions up to:
    • 25% of compensation as defined by the plan

Health Savings Account (HSA)

  • 2022: $3,650 per calendar year for single coverage; $7,300 per calendar year for family coverage (catch-up contribution of $1,000 if age 55+)
  • 2023: $3,850 per calendar year for single coverage; $7,750 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.