Bsch4477
Level 15
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Retirement tax questions

If age 50 or older your total traditional and Roth IRA amount is $8,000. But in addition you can contribute separately to a SEP IRA. 

  • If you're self-employed, your contributions are generally limited to 20% of your net income. (Net compensation for self-employed individuals is generally the net profit from IRS Schedule C reduced by the deductible self-employment tax. The eligible compensation limit, indexed for inflation by the IRS, is $345,000 for 2024 or $350,000 for 2025.)

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