Our office will be closed Monday, May 26th for Memorial Day

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.