| 2023 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $6,500 Age 50 or older = $7,500 |
| SEP-IRA (employees) |
25% of wages up to $66,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $66,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $15,500 Age 50 or older = Elective deferrals up to $22,500 |
| 2022 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $6,000 Age 50 or older = $7,000 |
| SEP-IRA (employees) |
25% of wages up to $61,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $61,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $14,000 Age 50 or older = Elective deferrals up to $20,500 |
| 2021 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $6,000 Age 50 or older = $7,000 |
| SEP-IRA (employees) |
25% of wages up to $58,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $58,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $13,500 Age 50 or older = Elective deferrals up to $19,500 |
| 2020 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $6,000 Age 50 or older = $7,000 |
| SEP-IRA (employees) |
25% of wages up to $57,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $57,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $13,500 Age 50 or older = Elective deferrals up to $19,500 |
| 2019 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $6,000 Age 50 or older = $7,000 |
| SEP-IRA (employees) |
25% of wages up to $56,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $56,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $13,000 Age 50 or older = Elective deferrals up to $16,000 |
| 2018 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $5,500 Age 50 or older = $6,500 |
| SEP-IRA (employees) |
25% of wages up to $55,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $55,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $12,500 Age 50 or older = Elective deferrals up to $15,500 |
| 2017 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $5,500 Age 50 or older = $6,500 |
| SEP-IRA (employees) |
25% of wages up to $54,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $54,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $12,500 Age 50 or older = Elective deferrals up to $15,500 |
| 2016 Maximum Pension Plan Contribution Amount | |
| Traditional and Roth IRAs | Under age 50 = $5,500 Age 50 or older = $6,500 |
| SEP-IRA (employees) |
25% of wages up to $53,000 |
| SEP-IRA (self-employed) |
20% of net SE income after one-half SE tax deductions, up to $53,000 |
| SIMPLE IRA (employees and self employed) |
Under age 50 = Elective deferrals up to $12,500 Age 50 or older = Elective deferrals up to $15,500 |
NOTE: This article is a summary of pension contribution limits. It is not intended as tax advice. Confirm any figures with IRS information in the current year or prior year publications listed below.
Additional Information:
Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs)