Contribution Limits and Deadlines
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.
Tax Year 2025
The deadline for Traditional and Roth IRA contributions is April 15, 2026. Contribution limits for 2025 are as follows:
| Under age 50 on 12/31/25 | 50 or over on 12/31/25 | |
| Traditional IRA | $7,000 | $8,000 |
| Roth IRA* | $7,000 | $8,000 |
| SEP IRA | The lesser of 25% of income or $70,000. |
* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $150,000 or a joint filer whose MAGI exceeds $236,000.