Table of Content
- Traditional & Roth IRA Contributions and Deadlines
- SIMPLE IRA Contributions and Deadlines
- SEP IRA Contributions and Deadlines
- HSA Contributions and Deadlines
- ESA Contributions and Deadlines
- Spousal IRA Contributions and Deadlines
1. Traditional & Roth IRA Contribution Limits and Roth IRA Deadlines for Year 2024-2025
Traditional & Roth IRA Contribution Deadlines
In 2024 and 2025, the annual contribution limit for Roth and traditional IRAs is:
Traditional IRA Income Deduction Limits for 2025 and 2024
| Filing status | 2025 Full deduction if modified AGI is … |
2025 Partial deduction if modified AGI is … |
2025 No deduction if modified AGI is … |
2024 Full deduction if modified AGI is … |
2024 Partial deduction if modified AGI is … |
2024 No deduction if modified AGI is … |
|---|---|---|---|---|---|---|
| Married filing jointly and you’re covered by retirement plan at work | $126,000 or less | More than $126,000 but less than $146,000 | $146,000 or more | $123,000 or less | More than $123,000 but less than $143,000 | $143000 or more |
| Married filing jointly and your spouse is covered by a retirement plan at work | $230,000 or less | More than $236,000 but less than $246,000 | $246,000 or more | $230,000 or less | More than $230,000 but less than $240,000 | $240,000 or more |
| Single or head of household and you are covered by a retirement plan at work | $79,000 or less | More than $79,000 but less than $89,000 | $89,000 or more | $77,000 or less | More than $77,000 but less than $87,000 | $8,7000 or more |
| Married filing separately and you or your spouse is covered by a retirement plan at work | The full deduction isn’t available | Less than $10,000 | $10,000 or more | The full deduction isn’t available | Less than $10,000 | $10,000 or more |
| Single, head of household, qualifying widow(er), married filing jointly or separately and neither spouse is covered by a plan at work | – | – | – | Any amount | – | – |
Roth IRA Income Contribution and Deduction Limits for 2025 and 2024
| Filing status | 2025 Modified AGI | 2025 Maximum Contribution | 2024 Modified AGI |
2024 Maximum Contribution |
2023 Modified AGI |
2023 Maximum Contribution |
|---|---|---|---|---|---|---|
| Married filing jointly or qualifying widow(er) | Less than $236,000 | $7,000 ($8,000 if 50 or older) | Less than $230,000 | $7,000 ($8,000 if 50 or older) | Less than $218,000 | $6,000 ($7,000 if 50 or older) |
| $236,000 to 246,000 | Contribution is reduced | $230,000 to 240,000 | Contribution is reduced | $218,000 to $228,000 | Contribution is reduced | |
| $246,000 or more | Not eligible | $240,000 or more | Not eligible | $228,000 or more | Not eligible | |
| Single, head of household or married filing separately (if you did not live with spouse during year) | Less than $150,000 | $7,000 ($8,000 if 50 or older) | Less than $146,000 | $7,000 ($8,000 if 50 or older) | Less than $138,000 | $6,000 ($7,000 if 50 or older) |
| $150,000 to $165,000 | Contribution is reduced | $146,000 to $161,000 | Contribution is reduced | $138,000 to $153,000 | Contribution is reduced | |
| $165,000 or more | Not eligible | $161,000 or more | Not eligible | $153,000 or more | Not eligible | |
| Married filing separately (if you lived with spouse at any time during year) | Less than $10,000 | Contribution is reduced | Less than $10,000 | Contribution is reduced | Less than $10,000 | Contribution is reduced |
| $10,000 or more | Not eligible | $10,000 or more | Not eligible | $10,000 or more | Not eligible |
What is “Earned Income”?
IRA contributions are made with “earned income,” which you can get in two ways: either by working for someone or running/owning your own business.
Earned income includes money from salaries, wages, commissions, tips, bonuses, and self-employment income.
Note: IRS considers disability retirement benefits as earned income until you reach the age at which you would have received annuity or pension if you weren’t disabled.
What is Modified AGI?
The modified adjusted gross income (MAGI) determines your eligibility for important tax benefits and whether you can make tax-deductible contributions to IRAs. This MAGI number is likely to be close or identical to your adjusted gross income (AGI). It takes your AGI and adds back certain deductions, including:
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Exceptions to IRA contribution limits
Excess IRA contribution
An excess IRA contribution happens in these situations:
Excess IRA contributions attract a tax of 6% per year for as long as the excessive amount stays in the IRA. However, the tax applied cannot exceed 6% of the combined value of all your IRAs as of the end of the tax year.
You can avoid excess IRA contributions by:
2. SIMPLE IRA Contributions and Deadlines for Year 2024-2025
SIMPLE IRA Employee Contribution Deadlines
SIMPLE IRA Employer Contribution Deadlines
SIMPLE IRA Employee Contribution Limits
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Employee elective deferrals | $16,500 | $16,000 | $15,500 |
| Catch-up elective deferral contribution for age 50+ | $3,500 | $3,500 | $3,500 |
SIMPLE IRA Employer Contribution Limits
The employer can elect from two different contribution methods. The employer can either:
OR
Lower percentage
An employer may choose to reduce the 3% matching contribution, but under a few conditions:
Non-elective contributions
If the employer chooses to make non-elective contributions of 2% of each eligible employee’s compensation, it must make non-elective contributions irrespective of whether or not the employee opts to make salary reduction contributions. An employee’s compensation of up to $345,000 for 2024 and $350,000 for 2025 is considered while determining the contribution limit.
Important note: The employer can choose to make non-elective contributions of 2% over matching the contribution only if:
3. SEP IRA Contributions and Deadlines for Year 2024-2025
SEP IRA Deadlines for The Year 2024-2025
SEP IRA Contribution Limits for The Year 2024-2025
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Defined contribution maximum deferral (employer/employee combined) |
Up to 25% of compensation, with a maximum of $70,000 | Up to 25% of compensation, with a maximum of $69,000 | Up to 25% of compensation, with a maximum of $66,000 |
| Age 50 Catch-Up Limit | $7,500 | $7,500 | $7,500 |
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4. HSA Contributions and Deadlines for The Year 2024-2025
HSA Contribution Deadlines for Year 2025-2024
HSA Contribution Limits for The Year 2024-2025
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Maximum limit self-only coverage | $4,300 | $4,150 | $3,850 |
| Maximum limit family coverage | $8,550 | $8,300 | $7,750 |
| Age 55 Catch-Up Limit (If more than 1 person in the Family Plan is over age 55, then an additional account has to be created for making catch-up contributions) |
$1,000 | $1,000 | $1,000 |
| HDHP (High Deductible Health Plan) minimum annual deductible self-only coverage | $1,650 | $1,600 | $1,500 |
| HDHP minimum annual deductible family coverage |
$3,300 | $3,200 | $3,000 |
| HDHP maximum out of pocket self-only coverage |
$8,300 | $8,050 | $7,500 |
| HDHP maximum out of pocket family coverage |
$16,600 | $16,100 | $15,000 |
5. ESA Contributions and Deadlines for Year 2024-2025
ESA Contribution Deadlines for 2024-2025
ESA Contribution Limits for 2024-2025
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Per year contribution limit until the child reaches age 18 and unless the child has special needs | $2,000 | $2,000 | $2,000 |
6. Spousal IRA Contributions and Deadlines for Year 2024-2025
Spousal IRA Contribution Deadlines for the Year 2024-2025 are:
Spousal IRA Contribution Limits for The Year 2024-2025
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Individual spouse contribution limit | $7,000 | $7,000 | $6,500 |
| Catch-up contribution of individual spouse for age 50 or older | $1,000 | $1,000 | $1,000 |
| Total contribution limit for married couple | $16,000 | $16,000 | $13,000 |
| Total catch-up contribution for married couples age 50 or older | $2,000 | $2,000 |
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