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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 (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 and SIMPLE,  you have until the tax filing deadline plus extensions to make the employer contribution.

Individual Plans Contribution Limits

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

Specialty Plans Contribution Limits

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


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


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