Simple Ira Contribution Limits 2024. $7,000 ($8,000 for individuals aged 50 or older) simple ira: Employers may now offer an increased simple ira plan elective deferral limit, even though plan documents do not reflect the new provision.
To qualify for a simple ira, an employee must have earned at least $5,000 in pay during the past two calendar years and expect to earn at least that amount in the current year. In 2020, simple ira contributions increased $500 from 2019 to $13,500 annually ($16,500 if you are over 50).
