The contribution rules for IRAs with alternative assets (such as real estate or private equity) are the same as IRAs with exchange-traded assets (such as mutual funds or publicly-traded stocks). Use the table below to determine your contribution deadline and limits.
For further information including eligibility, please see IRS Notice 2023-75.
| Account / Contribution Type | Contribution Deadline | Year | Contribution Limit | Catch-up (50 years+) Contribution Limit |
|---|---|---|---|---|
| Traditional & Roth IRA contribution | April 15* | 2022 | $6,000 | $1,000 |
| 2023 | $6,500 | $1,000 | ||
| 2024 | $7,000 | $1,000 | ||
| SEP IRA contribution | SEP contributions must be made by the tax-filing deadline, which is the last day of the company's fiscal year. (All SEP contributions are reported in the year during which contributions were made). | 2022 | $61,000** | N/A |
| 2023 | $66,000** | N/A | ||
| 2024 | $68,000** | N/A | ||
| Solo(k) employee deferral contribution | The deadline for having a deferral contribution taken is the Employer tax filing deadline plus any extensions. The deposit deadline of such contribution is determined by DOL and IRS regulations. | 2022 | $20,500**** | $6,500 |
| 2023 | $22,500**** | $7,500 | ||
| 2024 | $23,000**** | $7,500 | ||
| SIMPLE IRA contribution | Employer must contribute deferrals within 30 days after the end of the month when the employee would have received them in cash. | 2022 | $14,000 | $3,000 |
| 2023 | $15,500 | $3,500 | ||
| 2024 | $16,000 | $3,500 | ||
| Coverdell ESA contribution | April 15* | 2022 | $2,000 | N/A |
| 2023 | $2,000 | N/A | ||
| 2024 | $2,000 | N/A |
*With certain exceptions for weekends and holidays, April 15 is normally the deadline for filing your federal income tax is also the deadline to make your final Traditional IRA and Roth IRA contributions. Tax-filing extensions do not apply to traditional IRA or Roth IRA contributions.
**Lesser of $61,000 in 2022 ($58,000 for 2021) or 25% of compensation up to compensation limit of $305,000 in 2022 ($290,000 for 2021). All SEP contributions are reported during the year in which contributions are made.
***Lesser of $66,000 or 25% of compensation up to compensation limit of $330,000. All SEP contributions are reported during the year in which contributions are made.
****Total Employer and Employee contributions may not exceed $66,000 for 2023. For more information, including prior year total limits, see the IRS website page on one-participant 401(k) plans.
Phase-Out Ranges
| Traditional IRA Phase-Out Ranges for 2023: | |
|---|---|
| Single taxpayers covered by a workplace retirement plan. | $73,000 – $83,000 |
| Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan. | $116,000 – $136,000 |
| A taxpayer not covered by a workplace retirement plan, married to someone who’s covered. | $218,000 – $228,000 |
| Married filing a separate return. This applies to taxpayers covered by a workplace retirement plan. | $0 – $10,000 |
| Roth IRA Income Phase-Out Ranges for Taxpayers Making Contributions: | |
| Single taxpayers and heads of household | $138,000 – $153,000 |
| Married, filing jointly | $218,000 – $228,000 |
| Married, filing separately | $0 – $10,000 |