Contribution Limits and Deadlines
Tax Year 2023
The deadline for Traditional and Roth IRA contributions is April 15, 2024. Contribution limits for 2023 are as follows:
| Under age 50 on 12/31/23 | 50 or over on 12/31/23 | |
| Traditional IRA | $6,500 | $7,500 |
| Roth IRA* | $6,500 | $7,500 |
| SIMPLE IRA | $15,500 | $19,000 |
| SEP IRA | The lesser of 25% of income or $66,000. |
* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $138,000 or a joint filer whose MAGI exceeds $218,000.
Tax Year 2024
The deadline for Traditional and Roth IRA contributions is April 15, 2025. Contribution limits for 2024 are as follows:
| Under age 50 on 12/31/24 | 50 or over on 12/31/24 | |
| Traditional IRA | $7,000 | $8,000 |
| Roth IRA* | $7,000 | $8,000 |
| SIMPLE IRA | $16,000 | $19,500 |
| SEP IRA | The lesser of 25% of income or $69,000. |
* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $146,000 or a joint filer whose MAGI exceeds $230,000.