Contribution Limits

Knowing IRS Maximums Helps You Plan Your Contributions 

Contribution limits are the maximum amount the IRS allows you to contribute to your retirement and certain savings accounts each year. These limits often change at the beginning of each year, so it’s important to always confirm the current limit for your type of account. In addition, some accounts also have a catch-up contribution you can make if you have reached a certain age: 50+ for retirement accounts and 55+ for Health Savings Accounts (HSA). It is important to note that if you have both a Traditional and Roth IRA, the limit you can contribute is set for both accounts combined. For more information about contribution limits, please see our blog article IRS Announces Contribution Limits for 2024 - Quest Trust Company.

You can contribute to your Traditional IRA, Roth IRA, HSA, and Coverdell Education Savings Account for a given tax year from January 1st of that year until you file your tax return, usually April 15th. When making the contribution it is important to specify which year the contribution is for to ensure it is credited to the correct tax year. For employer plans like the SEP, SIMPLE, and Solo 401k, you have until the tax filing deadline plus extensions to make the employer contribution.

Individual Plans Contribution Limits
 

Small Business Plans Contribution Limits
 

Specialty Plans Contribution Limits