Sep Ira Contribution Limits 2024. We’ll also make sure you understand how seps work and how money in a sep ira is taxed. The maximum sep ira contribution limit is $66,000 in 2023, which is considerably higher than the contribution limits on traditional or roth iras and on the employee limit for 401(k) plans.

In 2023, those using a sep ira can contribute as much as $66,000, or up to 25 percent of their business earnings or compensation, whichever is less. The maximum contribution is $69,000 for 2024, and the maximum compensation that can be considered for contributions is $345,000.