- 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
Traditional IRA
Roth IRA
- $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
SEP IRA
- Should not exceed 25% of income
- Max contribution of $57,000 per calendar year
SIMPLE IRA
- Max contribution of $13,500 per calendar year (catch-up contribution of $3,00 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:
- $19,500 with a $6,500 catch-up contribution for individuals age 50+
- Employer non-elective contributions up to:
- 25% of compensation as defined by the plan
Health Savings Account & Coverdell Education Savings Account
- $3,500 per calendar year for single coverage; $7,000 per calendar year for family coverage (catch-up contribution of $1,000 if age 55+)
Coverdell Education Savings Account
- $2,000 per calendar year
For additional information, please reference the IRS website at irs.gov.