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 5/17/2021.
January 30, 2021
SIMPLE IRA
May 17, 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
Visit the IRS’s website to learn more about IRA contribution limits, deadlines, and more.
