Simple Ira Contribution Limits 2024 Irs. The elective deferral limit for simple plans is 100% of compensation or $16,000 in 2024, $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021. Family coverage will increase from $7,750 to $8,300.
Yes, simple ira limits are lower than 401(k) limits. For 2023, the total contributions you make each year to all of your traditional iras and roth iras can’t be more than: