📢 ATTENTION 📢

A Reminder on Next Generation Summer Hours

The Next Generation office will close at 3:30pm ET every Friday from June 2nd through September 1st as part of our Summer Hours.

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.