Sep Ira Contribution Limits 2024 Calculator. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000. The maximum compensation that can be considered for contributions in 2024 is $345,000.
A limit applies to the amount of annual compensation you can take into account for determining retirement plan contributions. In 2023, those using a sep ira can contribute as much as $66,000, or up to 25 percent of their business earnings or compensation, whichever is less.
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