Contribution Limits
2023 CONTRIBUTION LIMITS
| TRADITIONAL/ROTH IRAS | |
|---|---|
| Annual Contribution: | $6,500 |
| Catch-Up Contribution (Age 50 or Over): | $1,000 |
| SEP IRA | |
|---|---|
| Annual Contribution: | 25% of net earnings up to $66,000 |
| SIMPLE IRA | |
|---|---|
| Employee Salary Deferral: | $15,500 |
| Salary Deferral Catch-Up Contribution: | $3,500 |
| Employer Matching Contribution: | Between 1-3% of employee’s deferral |
| Employer Non-Elective Contribution: | 2% of employee’s compensation |
| 401(K)/PROFIT-SHARING PLAN | |
|---|---|
| Employee Salary Deferral: | $22,500 |
| Salary Deferral Catch-Up Contribution (ages 50 and older): | $7,500 |
| Employer Matching Contribution: | Up to 25% of salary of self-employed earning |
| Total Combined Contribution-Salary Deferral plus Profit Sharing Match (under age 50): | $66,000 |
| Total Combined Contribution-Salary Deferral plus Profit Sharing Match (ages 50 or older): | $73,500 |
| HEALTH SAVINGS ACCOUNT (HSA) | |
|---|---|
| Individual HSA Account: | $3,850 |
| Family HSA Account: | $7,750 |
| Additional Catch-Up Provision: | $1,000 |
| EDUCATION SAVINGS ACCOUNT (ESA) | |
|---|---|
| Annual Contribution (per beneficiary): | $2,000 |
Retirement Contribution Deadlines for 2023 Contributions
December 2023
Roth Conversions must be completed by 12/31/2023 - to count as a 2023 conversion
HSAs must be established by 12/1/2023. You can contribute to your HSA until 4/15/2024.
January 30, 2024
SIMPLE IRA Contributions for 2023
April 15, 2024 (2023 Contribution)
Traditional Self-Directed IRA
Roth Self-Directed IRA
Education Savings Account (ESA)
Health Savings Account (HSA)
By Your Tax-Filing Deadline Plus Extensions
Solo/Individual 401(k)
SEP IRA