Annual Contribution Information
2023 Traditional & Roth IRA Contribution Limits
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
|---|---|---|
| Traditional | $6,500 | $7,500 |
| Roth* | $6,500 | $7,500 |
*Modified AGI Limits:
2023
2023 Traditional & Roth IRA Contribution Deadline is 4/15/2024.*
SEP IRA Contribution Limits
| Year | Max Dollar Allocation | Max Considered Compensation |
|---|---|---|
| 2022 | $61,000 | |
| 2023 | $66,000 | $335,000 |
The maximum amount that can be contributed to a simplified pension plan (SEP) plan is 25% of an employee’s compensation, which is capped at a maximum as indicated above.
2023 SEP IRA Contribution Deadline is April 15, 2024 or until the date of tax-filing extension, if applicable.
SIMPLE IRA Contribution Limits
| Year | Standard Limit | Catch-up Limit (Age 50 and older ) |
|---|---|---|
| 2022 | $14,000 | $17,000 |
| 2023 | $15,500 | $19,000 |
Employers are generally required to match each employee’s salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee’s compensation.
—Employer matching or non-elective contributions must be made by the employer’s tax filing deadline, including extensions.
—Employee elective deferral contributions must be made within 30 calendar days after the last day of the month they were withheld.
—New accounts must generally be established by Oct. 1 to be effective for that particular tax year