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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).
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...
SIMPLE IRA employer contribution limits for 2024. Employer contributions to SIMPLE IRAs generally follow one of 2 formulas. Employers can either: Contribute a dollar for each dollar you contribute, up to a max of 3% of your compensation.
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.
Highlights of changes for 2023. The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500. The limit on annual contributions to an IRA increased to $6,500, up from $6,000.
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.
Contribution Limits: Total contributions to each employee's SIMPLE IRA are limited. Filing Requirements: An employer generally has no filing requirements. Participant Loans: Not permitted.
Explore traditional, SEP, SIMPLE, and spousal IRA contribution limits. Get answers to all your questions about how much money you can put into your IRAs this year.
You may contribute up to $16,000 to a SIMPLE IRA in 2024, up from $15,500 in 2023. This is a little lower than the contribution limits for other workplace retirement plans, like 401 (k)s, and...
Employees may defer up to $15,500 for 2023 ($19,000 if age 50 or older) and $16,000 for 2024 ($19,500 if age 50 or older). The SECURE 2.0 Act increased the annual deferral limit (402 (g)) and the age 50 catch-up contribution amount for employees by 10% for employers with no more than 25 employees.