| Type of IRA |
Contribution limit* (individual/employee) |
Contribution limit* (employer) |
Catch-up contribution limit |
|---|---|---|---|
| Traditional IRA | $7,000 | NA | Ages 50+: +$1,000 |
| Roth IRA | $7,000 | NA | Ages 50+: +$1,000 |
| SEP-IRA† | NA | $69,000 | NA |
| SIMPLE IRA | $16,000 | Generally, 3% of compensation for elective matches or 2% of compensation (up to $345,000 in 2024) for non-elective matches |
Ages 50+: +$3,500 |
Disclosure Title
Source:
Disclosure
irs.gov.
*Generally, contributions cannot exceed annual earned income of the individual.
†SEP-IRA contributions are limited to the lesser of 25% of the employee's compensation or the annual limit. The limit for owners is the lesser of 20% of net income or the annual limit.