Retirement

IRA Limits	2022	2023
IRA – Traditional or Roth (income limits apply)	$6000 ($7000 for those age 50 and older)	$6500 ($7500 for those age 50 and older)
SEP IRA Limits	2022	2023
Employee	0	0
Employer	Up to 25% of W-2 wages for all eligible employees, $61,000 max	Up to 25% of W-2 wages for all eligible employees, $66,000 max
Self-Employed	25% of (net self-employment income minus SE tax), $61,000 max	25% of (net self-employment income minus SE tax), $66,000 max
Simple IRA	2022	2023
Employee	$14,000 ($17,000 for those age 50 or older)	$15,500 ($19,000 for those age 50 or older)
Employer	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $305,000 Max	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $330,000 Max
Self-Employed	100% of self-employment income up to $14,000 ($17,000 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)	100% of self-employment income up to $15,500 ($19,000 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)
401-K	2022	2023
Employee	$20,500 ($27,000 for those age 50 and older)	$22,500 ($30,000 for those age 50 and older)
Employer	Up to 25% of W-2 wages. Wages up to $305,000	Up to 25% of W-2 wages. Wages up to $330,000
Employee + Employer combined	$61,000 ($67,500 for those age 50 and older)	$66,000 ($73,500 for those age 50 and older)
Self Employed	100% of self-employment income up to $20,500 ($27,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $61,000 ($67,500 for those age 50 and older)	100% of self-employment income up to $22,500 ($30,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $66,000 ($73,500 for those age 50 and older)
Catch up contributions for individuals 55 or older (but less than 65) – $1,000 Contribution limits are prorated (1/12 per month) for a partial year.