401k Contributions
• 2022 limit is $20,500
• Catch-up contribution if age 50 or older $6,500
IRA Contributions
• Roth: Contribution limit $6,000
• Traditional: Contribution limit $6,000
• Catch-up: Contribution if age 50 or older $1,000
Traditional IRA Deductibility
Single filers covered by employer plan
MAGI Range: $68,000 – $78,000
Married couples filing jointly, contributor covered by employer plan
MAGI Range: $109,000 – $129,000
Joint filer / spouse not covered by employer plan¹
MAGI Range: $204,000 – $214,000
¹Must be under age 72. Must have earned income.
Roth IRA Eligibility
Single filers
MAGI Range: $129,000 – $144,000
Married couples filing jointly
MAGI Range: $204,000 – $214,000
SEP IRA Contributions
• Company may contribute up to 25% of compensation or $61,000, whichever is less
(Source: irs.gov)
SIMPLE IRA Contributions
• Salary deferral up to $14,000
• $3,000 catch-up contribution if age 50 or older
Employer match (up to 3%) or nonelective contribution (2%)
The 2024 IRA & 401k Contribution Limits
401k Contributions• 2024 limit is $23,000• Catch-up contribution if age 50 or older $7,500IRA Contributions • Roth: Contribution limit $7,000• Traditional: Contribution limit $7,000• Catch-up:
