Contribution Limits

2020 Contribution Limits

TRADITIONAL/ROTH IRAS
Annual Contribution: $6,000
Catch-Up Contribution: $1,000
SEP IRA
Annual Contribution: 25% of net earnings up to $57,000
SIMPLE IRA
Employee Salary Deferral: $13,500
Salary Deferral Catch-Up Contribution: $3,000
Employer Matching Contribution: Between 1-3% of employee’s deferral
Employer Non-Elective Contribution: 2% of employee’s compensation
401(K)/PROFIT-SHARING PLAN
Employee Salary Deferral: $19,500
Salary Deferral Catch-Up Contribution (ages 50 and older): $6,500
Employer Profit-Sharing Contribution: Up to 25% of salary of self-employed earnings
Total Combined Contribution-Salary Deferral plus Profit Sharing Match (under age 50): $57,000
Total Combined Contribution-Salary Deferral plus Profit Sharing Match (ages 50 or older): $63,500
HEALTH SAVINGS ACCOUNT (HSA)
Individual HSA Account: $3,550
Family HSA Account: $7,100
Additional Catch-Up Provision: $1,000
EDUCATION SAVINGS ACCOUNT (ESA)
Annual Contribution (per beneficiary): $2,000

2021 Contribution Limits

TRADITIONAL/ROTH IRAS
Annual Contribution: $6,000
Catch-Up Contribution: $1,000
SEP IRA
Annual Contribution: 25% of net earnings up to $58,000
SIMPLE IRA
Employee Salary Deferral: $13,500
Salary Deferral Catch-Up Contribution: $3,000
Employer Matching Contribution: Between 1-3% of employee’s deferral
Employer Non-Elective Contribution: 2% of employee’s compensation
401(K)/PROFIT-SHARING PLAN
Employee Salary Deferral: $19,500
Salary Deferral Catch-Up Contribution (ages 50 and older): $6,500
Employer Profit-Sharing Contribution: Up to 25% of salary of self-employed earning
Total Combined Contribution-Salary Deferral plus Profit Sharing Match (under age 50): $58,000
Total Combined Contribution-Salary Deferral plus Profit Sharing Match (ages 50 or older): $64,500
HEALTH SAVINGS ACCOUNT (HSA)
Individual HSA Account: $3,600
Family HSA Account: $7,200
Additional Catch-Up Provision: $1,000
EDUCATION SAVINGS ACCOUNT (ESA)
Annual Contribution (per beneficiary): $2,000

Contribution Deadlines

December 2020

Roth Conversions must be completed by 12/31/2020.
HSAs must be established by 12/1/2020. You can contribute to your HSA until 4/15/2021.

January 30, 2021

SIMPLE IRA

April 15, 2021

Traditional Self-Directed IRA
Roth Self-Directed IRA
Education Savings Account (ESA)
Health Savings Account (HSA)

By Your Tax-Filing Deadline Plus Extensions

Solo/Individual 401(k)
SEP IRA