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 2022
The deadline for Traditional and Roth IRA contributions is April 18, 2023. Contribution limits for 2022 are as follows:
| Under age 50 on 12/31/22 | 50 or over on 12/31/22 | |
| Traditional IRA | $6,000 | $7,000 |
| Roth IRA* | $6,000 | $7,000 |
| SIMPLE IRA | $14,000 | $17,000 |
| SEP IRA | The lesser of 25% of income or $61,000. |
* You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $129,000 or a joint filer whose MAGI exceeds $204,000.