SIMPLE IRA contrib limit

Submitted by Larry Bryant on Wed, 2022-06-29 23:18

Can a 43 year old contribute, in 2022, $14,000 to his SIMPLE IRA, and $6,000 to his traditional IRA? Or, if he does the 6k to the IRA, just $8,000 to the Simple?
He is the owner of a company with 14ees, and is considering a SIMPLE or 401k. If 401k it would be a safe harbor. And I know there are income limits with regards to the amount placed in a traditional IRA (based on income. I just can’t find that chart for the SIMPLE…if it exists)

Thanks all, in advance.



Submitted by William Tuttle on Thu, 2022-06-30 11:42

  • IRA and employer retirement plan contribution limits are separate.
  • There are no traditional IRA contribution limits based on income.
  • However, there are deduction income limits if an active participant in an employer retirement plan.


Submitted by Larry Bryant on Thu, 2022-06-30 12:06

Thanks, spiritrider.  All three bulletpoints make sense.  I forgot that SIMPLE IRA plans are considers a “yes”, if asked “are you covered under an Employer’s Retriement plan?”.



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