Sep Ira Contribution Limits 2024 Over 55

Sep Ira Contribution Limits 2024 Over 55. This limit is significantly higher than the contribution limit for a regular ira, which is $7,000 for 2023 ($6,500 for 2022). Ira contribution limit increased for 2024.


Sep Ira Contribution Limits 2024 Over 55

Contributions to an employee’s sep ira cannot exceed the lesser of either 25% of their compensation or $66,000 in 2023 and $69,000 in 2024. Excess amounts are taxed at 6% per year for each year the excess amount remains in the ira.

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