Simple Ira Limits 2024. Employees who received at least $5,000 in compensation from the employer during any two preceding calendar years and who are expected to earn at least $5,000. For 2024, the annual contribution limit for simple iras is $16,000, up from $15,500 in 2023.

Beginning on 1/1/2024, employers may make an optional, additional contribution up to the lesser of 10% of compensation or $5,000 (indexed for inflation). Ira contribution limits in 2023 and 2024 want to max out your ira?