If you are over 50, you can make a total Roth IRA contribution of $7,000. For your SEP IRA, there is no catch-up contribution amount, and your contribution is limited to 25% of your net earnings or $58,000.
IRA Contributions - Here are the highlights:
- Annual contribution limit (2021): $6,000
- Additional catch-up contributions for those age 50 and older (2021): $1,000
- Income limits: Deductibility of contributions varies based on the type of IRA, filing status, and your (or your spouse’s) access to workplace retirement plans
- Matching contributions: None
SEP IRA Contributions - Here are the highlights:
- Annual contribution limit (2021): 25% of net earnings or $58,000, whichever is less
- Additional catch-up contributions for those age 50 and older (2021): None
- Income limits: Maximum compensation that can be considered is $290,000
- Matching contributions: None. All contributions are made by the employer
Click this link for more info on Retirement Accounts.
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