The limits remain unchanged from 2024, except for the SEP IRA which has a slightly higher total contribution limit. Data: IRS Notice 2024-80. Source: The College Investor ...

The standard IRA contribution limit is adjusted for inflation over time. For example, it increased from $6,500 in 2023 to $7,000 in 2024.

Both plans come with favorable tax advantages. Contributions to a Solo 401 (k) or SEP IRA are generally tax-deductible, reducing the business owner’s taxable income for the year. Additionally, both ...

The Roth IRA contribution limits are the same as they are for traditional IRAs: $7,000 in 2025, or $8,000 if you’re age 50 or older.

SEP IRAs, which are designed for small businesses or the self-employed, offer contribution limits that are almost 10 times the limits of normal IRAs, and you can contribute to both a SEP IRA and a ...