Contribution Limits

2023 Contribution Limits

403(b), 457(b) and 401(k) Salary Deferrals

$22,500

Age 50+ catch-up

$30,000

403(b) 15 Years of Service catch-up

$3,000 maximum

2024 Contribution Limits

403(b), 457(b) and 401(k) Salary Deferrals

$23,000

Age 50+ catch-up

$30,500

403(b) 15 Years of Service catch-up

$3,000 maximum

2025 Contribution Limits

403(b), 457(b) and 401(k) Salary Deferrals

$23,500

Age 50+ catch-up

$31,000

Catch-up Age 60-63

$34,750

403(b) 15 Years of Service catch-up

$3,000 maximum

403(b), 457(b) and 401(k) Salary Deferrals

$24,500

Age 50+ catch-up*

$32,500

Catch-up Age 60-63*

$35,750

 *Must be Roth contributions if income is over $150,000

403(b) 15 Years of Service catch-up

$3,000 maximum

Simple 401(k) Salary Deferrals

$15,500

Simple 401(k) age 50+ catch-up

$19,000

Simple 401(k) Salary Deferrals

$16,000

Simple 401(k) age 50+ catch-up

$19,500

Simple 401(k) Salary Deferrals

$16,500

Simple 401(k) age 50+ catch-up

$20,000

Catch-up, Age 60-63

$21,750

Simple 401(k) Salary Deferrals for Employers with 25 or fewer Employees

$18,100 

Age 50+ Catch-Up

$21,950 

Age 60-63 Catch-Up

$23,350

Simple 401(k) Salary Deferrals for Employers with 26 -100 Employees

$17,000 

Age 50+ Catch-Up

$21,000 

Age 60-63 Catch-Up

$22,250

SEP

25% of compensation; $66,000 max

SEP

25% of compensation; $69,000 max

SEP

25% of compensation;  $70,000 max

SEP

25% of compensation;  $72,000 max

HCE (Highly Compensated Employees)

$150,000

Overall Contribution Limit IRC 415(c)

$66,000

Maximum Compensation Limit

$330,000

415(b) Defined Benefit Limit

$265,000

HCE (Highly Compensated Employees)

$155,000

Overall Contribution Limit IRC 415(c)

$69,000

Maximum Compensation Limit

$345,000

415(b) Defined Benefit Limit

$275,000

HCE (Highly Compensated Employees)

$160,000

Overall Contribution Limit IRC 415(c)

$70,000

Maximum Compensation Limit

$350,000

415(b) Defined Benefit Limit

$280,000

HCE (Highly Compensated Employees)

$160,000

Overall Contribution Limit IRC 415(c)

$72,000

Maximum Compensation Limit

$360,000

415(b) Defined Benefit Limit

$290,000

Traditional/Roth IRA

$6,500

Traditional/Roth IRA age 50+ catch-up

$1,000

Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:

Note: Fully deductible regardless of income if neither spouse is covered by employer plan

Single: $73,000

Joint: $116,000

Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:

Joint: $218,000

Roth IRA contributions phased out for adjusted gross income over: 

Single: $138,000

Joint: $218,000

Traditional/Roth IRA

$7,000

Traditional/Roth IRA age 50+ catch-up

$1,000

Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:

Note: Fully deductible regardless of income if neither spouse is covered by employer plan

Single: $77,000

Joint: $123,000

Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:

Joint: $230,000

Roth IRA contributions phased out for adjusted gross income over: 

Single: $146,000

Joint: $230,000

Traditional/Roth IRA

$7,000

Traditional/Roth IRA age 50+ catch-up

$1,000  ($8,000)

Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:

Note: Fully deductible regardless of income if neither spouse is covered by employer plan

Single: $79,000

Joint: $126,000

Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:

Joint: $236,000

Roth IRA contributions phased out for adjusted gross income over: 

Single: $150,000

Joint: $236,000

Traditional/Roth IRA

$7,500 

Traditional/Roth IRA age 50+ catch-up

$1,100 ($8,600)

Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:

Note: Fully deductible regardless of income if neither spouse is covered by employer plan

Single: $81,000

Joint: $129,000

Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:

Joint: $242,000

Roth IRA contributions phased out for adjusted gross income over: 

Single: $153,000

Joint: $242,000

Coverdell Educational Savings Account

$2,000

Annual Gifting and ABLE Accounts

$17,000

529 Plan Contribution

without filing gift tax return

$18,000

Iowa Tax Deduction for IA 529 Plans

$3,785

Coverdell Educational Savings Account

$2,000

Annual Gifting and ABLE Accounts

$18,000

529 Plan Contribution

without filing gift tax return

$18,000

Iowa Tax Deduction for IA 529 Plans

$5,500

Iowa 529 Plan Contribution Accelerated

$90,000**

**Contribution in single year and treat it as if it were made over 5 years.  If the contributor does not survive the five year period, a pro-rata amount reverts to the contributors taxable estate.

Coverdell Educational Savings Account

$2,000

Annual Gifting and ABLE Accounts

$19,000

529 Plan Contribution

without filing gift tax return

$19,000

Iowa Tax Deduction for IA 529 Plans

$5,800

Coverdell Educational Savings Account

$2,000

Annual Gifting and ABLE Accounts

$20,000

529 Plan Contribution

without filing gift tax return

$19,000

Iowa Tax Deduction for IA 529 Plans

$6,100

2023 Social Security Limits

Social Security Wage Base

$160,200

Social Security Tax

6.2%

Earnings Test Prior to Normal Retirement Age

$21,240

$1,770 monthly

Earnings Test in Year of NRA

$56,520

$4,710 monthly

2024 Social Security Limits

Social Security Wage Base

$168,600

Social Security Tax

6.2%

Earnings Test Prior to Normal Retirement Age

$22,320

$1,860 monthly

Earnings Test in Year of NRA

$59,520 

$4,960 monthly

2025 Social Security Limits

Social Security Wage Base

$176,100

Social Security Tax

6.2%

Earnings Test Prior to Normal Retirement Age

$23,400 

$1,950 monthly

Earnings Test in Year of NRA

$62,160

$5,180 monthly

2022 Social Security Limits

Social Security Wage Base

$184,500

Social Security Tax

6.2%

Earnings Test Prior to Normal Retirement Age

$24,480

$2,040 monthly

Earnings Test in Year of NRA

$65,160

$5,430 monthly