401k Contributions
• 2024 limit is $23,000
• Catch-up contribution if age 50 or older $7,500
IRA Contributions
• Roth: Contribution limit $7,000
• Traditional: Contribution limit $7,000
• Catch-up: Contribution if age 50 or older $1,000
Traditional IRA Deductibility
Single filers covered by employer plan
MAGI Range: $77,000 – $87,000
Married couples filing jointly, contributor covered by employer plan
MAGI Range: $123,000 – $143,000
Joint filer / spouse not covered by employer plan¹
MAGI Range: $230,000 – $240,000
¹ Must have earned income.
Roth IRA Eligibility
Single filers
MAGI Range: $146,000 – $161,000
Married couples filing jointly
MAGI Range: $230,000 – $240,000
SEP IRA Contributions
• Company may contribute up to 25% of compensation or $69,000, whichever is less
(Source: irs.gov)
SIMPLE IRA Contributions
• Salary deferral up to $16,000
• $3,500 catch-up contribution if age 50 or older
Employer match (up to 3%) or nonelective contribution (2%)
