IRA Contribution Limits
Always Check with Your Tax Advisor Before Making a Contribution
| Year | Age 49 & Below | Age 50 & Above |
|---|---|---|
| 2008-2012 | $5,000 | $6,000 |
| 2013-2018 | $5,500 | $6,500 |
| 2019-2022 | $6,000 | $7,000 |
| 2023 | $6,500 | $7,500 |
| 2024-2025 | $7,000 | $8,000 |
| Year | Max Dollar Allocation | Max Considered Compensation |
|---|---|---|
| 2019 | $56,000 | $280,000 |
| 2020 | $57,000 | $285,000 |
| 2021 | $58,000 | $290,000 |
| 2022 | $61,000 | $305,000 |
| 2023 | $66,000 | $330,000 |
| 2024 | $69,000 | $345,000 |
| 2025 | $70,000 | $350,000 |
The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee’s compensation, which is capped at a maximum, per above. Please discuss all contributions with your tax advisor.
HSA Contribution Limits
| Year | Employer+employee | Catch-up Contributions(age 55 or older) | Minimum Deductibles | Max out-of-pocket amounts |
|---|---|---|---|---|
| 2021 | Self-only: $3,600 Family: $7,200 | $1,000 | Self-only: $1,400 Family: $2,800 | Self-only: $7,000 Family: $14,000 |
| 2022 | Self-only: $3,650 Family: $7,300 | $1,000 | Self-only: $1,400 Family: $2,800 | Self-only: $7,050 Family: $14,100 |
| 2023 | Self-only: $3,850 Family: $7,750 | $1,000 | Self-only: $1,400 Family: $2,800 | Self-only: $7,050 Family: $14,100 |
| 2024 | Self-only: $4,150 Family: $8,300 | $1,000 | Self-only: $1,600 Family: $2,800 | Self-only: $8,050 Family: $16,100 |
| 2025 | Self-only: $4,300 Family: $8,550 | $1,000 | Self-only: $1,600 Family: $2,800 | Self-only: $8,050 Family: $16,100 |
Roth IRA Phase-Out Range & Limits
| Year | Single | Married Filing Jointly |
|---|---|---|
| 2019 | ≥ $122,000 but < $137,000 | ≥ $193,000 but < $203,000 |
| 2020 | ≥ $124,000 but < $139,000 | ≥ $196,000 but < $206,000 |
| 2021 | ≥ $125,000 but < $140,000 | ≥ $198,000 but < $208,000 |
| 2022 | ≥ $129,000 but < $144,000 | ≥ $204,000 but < $214,000 |
| 2023 | ≥ $138,000 but < $153,000 | ≥ $218,000 but < $228,000 |
| 2024 | ≥ $146,000 but < $161,000 | ≥ $230,000 but < $240,000 |
| 2025 | ≥ $150,000 but < $165,000 | ≥ $236,000 but < $246,000 |
You can contribute to a Roth IRA if your income falls below the Roth limits. You’re allowed a prorated contribution if your income falls within the “phase-out” range. If your income exceeds the income range you won’t qualify for a Roth IRA contribution. Be sure to discuss your Roth contribution with your tax advisor.
401k Contribution Limits
| Year | Age 49 & Below | Age 50 & Above |
|---|---|---|
| 2019 | $19,000 | $25,000 |
| 2020-2021 | $19,500 | $26,000 |
| 2022 | $20,500 | $27,000 |
| 2023 | $22,500 | $30,000 |
| 2024 | $23,000 | $30,500 |
| 2025 | $23,500 | $31,000 |
SIMPLE (Savings Incentive Match Plan for Employees)
SIMPLE IRA Contribution Amounts and Deadlines
| Year | Maximum Contribution (if under age 50) |
Maximum Contribution (if over age 50) |
Contribution Deadline |
|---|---|---|---|
| 2019 | $13,000 | $16,000 | 04/15/2019 (plus extensions) |
| 2020-2021 | $13,500 | $16,500 | 04/15/2021 (plus extensions) |
| 2022 | $14,000 | $17,000 | 04/15/2022 (plus extensions) |
| 2023 | $15,500 | $19,000 | 04/15/2023 (plus extensions) |
| 2024 | $16,000 | $19,500 | 04/15/2024 (plus extensions) |
| 2025 | $16,500 | $20,000 | 04/15/2025 (plus extensions) |
SIMPLE IRAs must be established by Oct 1.
