Simple Ira Employee Contribution Limits 2024. Employers may contribute either a. The limit on combined employee and employer contributions is $69,000, up from $66,000 in 2023.

If you withdraw funds from your simple ira before reaching the age of 59 1/2, you will incur an extra tax of 10 percent on the taxable amount unless you meet the criteria for. For 2024, the total contributions you make each year to all of your traditional iras and roth iras can’t be more than: