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The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $16,000 in 2024 ($15,500 in 2023; $14,000 in 2022; $13,500 in 2020 and 2021; $13,000 in 2019 and $12,500 in 2015 – 2018).
For 2024, the annual contribution limit for SIMPLE IRAs is $16,000, up from $15,500 in 2023. Workers age 50 or older can make additional catch-up contributions of $3,500, for a total of $19,500.
The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver's Credit all increased for 2024.
The SIMPLE IRA contribution limit for 2024 is $16,000. Those 50 or older can save an additional $3,500 as a "catch-up contribution."
Notice 2024-80 . Section 415 of the Internal Revenue Code (“Code”) provides for limitations on ... contributions under a SIMPLE 401(k) plan is increased from $16,000 to $16,500. ... The deductible amount under section 219(b)(5)(A), which limits the amount of an individual’s deductible qualified retirement contributions for a taxable year
The 2024 SIMPLE IRA contribution limit for employees is $16,000. In 2025, that limit is $16,500. Catch-up contributions for those age 50 and older remain the same for both years at $3,500.
The annual employee contribution limit for a SIMPLE IRA is $16,000 in 2024 (an increase from $15,500 in 2023). Employees 50 and older can make an extra $3,500 catch-up contribution in both 2023...
Prior to 2025, Annual employee deferrals to SIMPLE IRAS had a limit ($16,000 for 2024) but individuals aged 50 or older are allowed to make an additional “catch-up” contribution ($3,500 for 2024) if eligible. Catch-up Contributions Beginning in 2025.
How 2025 contribution limits compare to 2024. The SIMPLE IRA contribution limits are adjusted annually to account for cost-of-living increases. You must know the limits from year to year so you...
For 2023, contributions cannot exceed $15,500 for most people. For 2024, it’s $16,000. Employees who are age 50 and over can make additional catch-up contributions of $3,500 for 2023 and 2024, bringing their total contribution limit to $19,000 in 2023 and $19,500 in 2024.