Contribution Limits

For Individuals
For Business Owners
Other Accounts

Traditional IRA

  • 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

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 $58,000 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 (HSA)

  • $3,600 per calendar year for single coverage; $7,200 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.