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Contribution Limits

Know Your Limits

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. 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

Individual Plans Contribution Limits

Traditional & Roth IRAs 2023 Limit 2024 Limit
Contribution Limit  $6,500 $7,000
Catch-up Contribution age 50+ $1,000 $1,000


Small Business Plans Contribution Limits

SIMPLE IRA 2023 Limit 2024 Limit
Employee Elective Deferrals $15,500 $16,000
Catch-up Elective Deferral age 50+ $3,500 $3,500


SEP IRA 2023 Limit 2024 Limit
25% of Compensation up to $66,000 $69,000
Catch-up Contribution N/A N/A


Solo 401k 2023 Limit 2024 Limit
Employee Deferral $22,500 $23,000
Catch-up Contribution $7,500 $7,500

Specialty Plans Contribution Limits

Health Savings Account 2023 Limit 2024 Limit
Single Coverage Contribution Limit $3,850 $4,150
Family Coverage Contribution Limit $7,750 $8,300
Catch-up Contribution age 55+ $1,000 $1,000


Coverdell Education Savings Account 2023 Limit 2024 Limit
Contribution Limit Per Year Per Child $2,000 $2,000


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