Max Sep Ira Contribution 2024 Self Employed Irs. 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. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.
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. In most cases, your maximum allowed contribution equates to slightly less than 20% of your gross income.