Max Simple Ira Contribution 2024 Over 50. In 2023, the contribution limits were $6,500, or $7,500 for taxpayers who are 50 or older. For a sep ira, the contribution limit is up to 25% of compensation, with a maximum of $66,000.

Ira contribution limits for 2024 the limit for both traditional and roth iras is $7,000 total from among all accounts, a $500 increase from the $6,500 limit in 2023. Beginning in 2024, the ira contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older).