Contribution Limits
The IRS has published maximum IRA contribution limits and catch-up provisions for 2015 and 2016. Summaries for each type of IRA are listed in the tables below.
Check out our infographic for a visual depiction of 2015 contributions and deductions based on Modified Adjusted Gross Income (MAGI).
2015 Traditional & Roth IRA Contribution Limits
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $5,500 | $6,500 |
| Roth* | $5,500 | $6,500 |
| *Modified AGI Limits: 2015 Single: $116,000 - $131,000 Married Filing Jointly: $183,000 - $193,000 2015 Traditional & Roth IRA Contribution Deadline is 4/18/2016.* | ||
2016 Traditional & Roth IRA Contribution Limits
| Traditional & Roth IRA Contributions and Catch Up Provisions | ||
| Plan Name | Standard Limit | Catch-up Limit (Age 50 and older) |
| Traditional | $5,500 | $6,500 |
| Roth* | $5,500 | $6,500 |
| *Modified AGI Limits: 2016 Single: $117,000 - $132,000 Married Filing Jointly: $184,000 - $194,000 2016 Traditional & Roth IRA Contribution Deadline is 4/15/2017. | ||
SEP IRA Contribution Limits
| Simplified Employee Pension (SEP) IRA Contribution Limits | ||
| Year | Max Dollar Allocation | Max Considered Compensation |
| 2015 | $53,000 | $265,000 |
| 2016 | $53,000 | $265,000 |
| The maximum amount that can be contributed to a simplified pension plan (SEP) plan is 25% of an employee's compensation, which is capped at a maximum as indicated above. 2015 SEP IRA Contribution Deadline is 4/18/2016.* 2016 SEP IRA Contribution Deadline is 4/15/2017. | ||
SIMPLE IRA Contribution Limits
| Savings Incentive Match Plan for Employees (SIMPLE) IRA Contributions and Catch Up Provisions | ||
| Year | Standard Limit | Catch-up Limit (Age 50 and older ) |
| 2015 | $12,500 | $15,500 |
| 2016 | $12,500 | $15,500 |
| Employers are generally required to match each employee's salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee's compensation. 2015 SIMPLE IRA Contribution Deadline for Employees is 12/31/2015. 2015 SIMPLE IRA Contribution Deadline for Employers is 4/18/2016.* 2016 SIMPLE IRA Contribution Deadline for Employees is 12/31/2016. 2016 SIMPLE IRA Contribution Deadline for Employers is 4/15/2017. | ||
401(k) and Solo(k) Contribution Limits
| 401(k) & Solo(k) Plans: Employee Salary Deferral Limits | ||
| Year | Standard Limit | Catch-up Limit (Age 50 and older) |
| 2015 | $18,000 | $24,000 |
| 2016 | $18,000 | $24,000 |
Employer can contribute up to $35,000 in 2015 and in 2016. 2015 / 2016 401(k) & Solo(k) Contribution Deadline is December 31 for calendar year reporting. | ||
2015 and 2016 CESA Contribution Limits
| Coverdell Educational Savings Account (CESA) Contribution Limits | ||
| Standard Limit (up to age 18) | Modified AGI Limits to Qualify for Account | |
| $2,000 | Single: $95,000 - $110,000 Married Filing Joint: $190,000 - $220,000 | |
| 2015 CESA Contribution Deadline is 4/18/2016.* 2016 CESA Contribution Deadline is 4/15/2017. | ||
2015 HSA Contribution Limits
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 - 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,350 | $4,350 |
| Family | $6,650 | $7,650 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,300 | $ 6,450 |
| Family | $2,600 | $12,900 |
| 2015 HSA Contribution Deadline is 4/18/2016.* | ||
2016 HSA Contribution Limits
| Health Savings Account (HSA) Contribution Limits | ||
| High Deductible Health Plan Coverage | Standard Limit (under age 55) | Catch-up Limit (Age 55 - 65, 65 and older if you qualify) |
| Individual (Self Only) | $3,350 | $4,350 |
| Family | $6,750 | $7,750 |
| Health Plan Requirements | ||
| High Deductible Health Plan Coverage | Minimum Deductible of at Least: | Annual Out-of-Pocket Expense Limit |
| Individual (Self Only) | $1,300 | $ 6,550 |
| Family | $2,600 | $13,100 |
| 2016 HSA Contribution Deadline is 4/15/2017. | ||
*According to IRS.gov, 2015 Publication 590-A the due date for 2015 contributions is April 18, 2016, due to the observance of Emancipation Day in Washington DC.
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