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

Visit the IRS’s website to learn more about IRA contribution limits, deadlines, and more.  During the year, it is not uncommon for the IRS to modify these dates based on specific circumstances.  Please double-check with your tax advisor.