Contribution Limits

Traditional | Roth | Coverdell ESA | HSA | 401(k) | SIMPLE | SEP

Click each plan name for more information.

Due to COVID-19, the SECURE ACT and CARES ACT,
there are other changes to IRA Contribution rules. Go Here for More Details

Plan Types 2021 Deadline 2022 Deadline
Traditional IRA *
Regular Limit $6,000 April 15, 2022 $6,000 April 15, 2023
Age 50 Catch-Up Limit $1,000 April 15, 2022 $1,000 April 15, 2023
AGI Reduction Joint Return $105,000 N/A $109,000 N/A
AGI Single or Head of Household $66,000 N/A $68,000 N/A
Roth IRA *
Regular Limit $6,000 April 15, 2022 $6,000 April 15, 2023
Age 50 Catch-Up Limit $1,000 April 15, 2022 $1,000 April 15, 2023
Married/filing jointly or qualified widow(er):
AGI
Less than $198,000 $6,000 ($7,000 if 50 or older) Less than $204,000 $6,000 ($7,000 if 50 or older)
Married/filing jointly or qualified widow(er):
AGI
$198,000 to $208,999 reduced amount** $204,000 to $214,000 reduced amount**
Married/filing jointly or qualified widow(er):
AGI
$208,000 or more not eligible $214,000 or more not eligible
Married filing separately (lived with spouse)
AGI
Less than $10,000 reduced amount** Less than $10,000 reduced amount**
Married filing separately (lived with spouse)
AGI
$10,000 or more not eligible $10,000 or more not eligible
Single/head of household or married filing separately
AGI
Less than $125,000 $6,000 ($7,000 if 50 or older)  Less than $129,000 $6,000 ($7,000 if 50 or older)
Single/head of household or married filing separately AGI $125,000 to $140,999 contribution is reduced $129,000 to $144,000 contribution is reduced
Single/head of household or married filing separately:
AGI
$140,000 or more not eligible $144,000 or more not eligible
Coverdell ESA
Contribution Limit*** $2,000 April 15, 2022 $2,000 April 15, 2023
HSA
Maximum Limit
Self-Only Coverage
$3,600 April 15, 2022 $3,650 April 15, 2023
Maximum Limit
Family Coverage
$7,200 April 15, 2022 $7,300 April 15, 2023
Age 55 Catch-Up Limit**** $1,000 April 15, 2022 $1,000 April 15, 2023
HDHP Minimum Annual Deductible
Self-Only Coverage
$1,400 April 15, 2022 $1,400 April 15, 2023
HDHP Minimum Annual Deductible
Family Coverage
$2,800 April 15, 2022 $2,800 April 15, 2023
HDHP Maximum Out of Pocket
Self-Only Coverage
$7,000 May 17, 2021 $7,050 April 15, 2023
HDHP Maximum Out of Pocket
Family Coverage
$14,000 April 15, 2022 $14,100 April 15, 2023
401(k)
Elective Deferral Limit $19,500 Deferred from last paycheck or December 31, 2021 $20,500 Deferred from last paycheck or December 31, 2022
Age 50 Catch-Up Limit $6,500 Deferred from last paycheck or December 31, 202 $6,500 Deferred from last paycheck or December 31, 2022
Defined contribution maximum deferral
(employer/employee combined)
$58,000 April 15, 2022 or October 15, 2022 with extension $61,000 April 15, 2023 or October 15, 2023 with extension
SIMPLE
Elective Deferral Limit $13,500 Deferred from last paycheck or December 31, 2021 $14,000 Deferred from last paycheck or December 31, 2022
Age 50 Catch-Up Limit $3,000 Deferred from last paycheck or December 31, 2021 $3,000 Deferred from last paycheck or December 31, 2022
Limitation on Compensation $290,000 $305,000
SEP
Defined contribution maximum deferral
(employer/employee combined)
$58,000 April 15, 2022 $61,000 April 15, 2023
Limitation on Compensation $290,000 $305,000
Minimum Compensation $650 $650

*If you have both Traditional AND Roth IRAs, your maximum contribution to either one or to both is limited to $6,000 total, plus $1,000 if age 50 or older.

**Consult your financial advisor, accountant or tax specialist.

***Companies may contribute to ESA’s (no income limit).

****If more than 1 person in the Family Plan is over 55 an additional account is required to make catch-up contribution.