Are you asking yourself, "How much can I contribute to my IRA?" Well, look no further and check out the table below to see how much you can contribute to your Traditional or Roth IRA. In the world of retirement accounts, a contribution is just a fancy word for a deposit to a retirement account.
Roth & Traditional IRA Contribution Limits
| Tax Year | Standard Limit | Contribution Limit age 50+ (+$1,000 "Catch-Up" contributions) |
| 2023 | $6,500 | $7,500 |
| 2022 | $6,000 | $7,000 |
Source: IRS
SEP IRA Contribution Limits
2023 Contributions to a SEP IRA each year cannot exceed the lesser of:
25% of compensation, or
- $66,000
2022 Contributions to a SEP IRA each year cannot exceed the lesser of:
25% of compensation, or
- $61,000
Source: IRS
To learn more about contribution deadlines, then click here.
To learn more about the potential tax benefit of a Traditional or Roth IRA, please click here.
Lastly, wondering how much you've already contributed? Click here.