Broker Check

Account Types/Registrations

Qualified Accounts for Employers or Employees

These account types have tax advantages that meet certain IRS Codes.

Employer Sponsored Plans - 401(k), 403(b), 401(a), SIMPLE IRA
(Note - You can usually obtain free non-specific advice on these accounts
through your plan administrator).

SIMPLE IRA CONTRIBUTION LIMITS
2024
Max yearly contribution (2024)
–$16,000 or $19,500 @ age 50
- Employer Contribution Limits - Max 3% of employee contributions
Required Minimum Distributions must start at age 73


SIMPLE IRA CONTRIBUTION LIMITS
2023
Max yearly contribution (2023)
–$15,500 or $19,000 @ age 50
- Employer Contribution Limits - Max 3% of employee contributions
Required Minimum Distributions must start at age 73 1/2


SELF EMPLOYED PLANS - SEP IRA

See IRS publication 560 for Retirement Plans for Small Businesses.
http://www.irs.gov/publications/p560/

2024
SEP Contributions Limits
Max yearly contribution (2024)
–$7,000 or $8,000 @ age 50
- Employer Contribution Limits up to 25% of employee's compensation or $69,000, whichever is less
Required Minimum Distributions must start at age 73

2023
SEP Contributions Limits
Max yearly contribution (2023)
–$6,500 or $7,500 @ age 50
- Employer Contribution Limits up to 25% of employee's compensation or $66,000, whichever is less
Required Minimum Distributions must start at age 73 1/2

Qualified Accounts for Individuals

These account types have tax advantages that meet certain IRS Codes.

IRA** (Individual Retirement Account)
Contributions are tax deductible based on AGI phase out limits
Tax Deferred Growth
Required Minimum Distributions must start at age 73 (new for 2024)
In most cases cannot contribute after age 73

2024
Max yearly contribution (2024) 
–$7,000 or $8,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for tax deductibility if covered by a plan at work
(2024)
–$123,000 and $143,000 Joint / $77,000 and $87,000 Single
Required Minimum Distributions must start at age 73

2023
Max yearly contribution (2023) 
–$6,500 or $7,500 @ age 50
Max Adjusted Gross Income (AGI) phase out for tax deductibility if covered by a plan at work
(2023)
–$116,000 to $136,000 Joint / $73,000 to $83,000 Single
Required Minimum Distributions must start at age 73 1/2

2022
Max yearly contribution (2022) (no increase from 2021)
–$6,000 or $7,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for tax deductibility if covered by a plan at work
(2022)
–$109,000 to $129,000 Joint / $68,000 to $78,000 Single
Required Minimum Distributions must start at age 72 1/2

ROTH IRA**
Contributions are NOT tax deductible and contributions are restricted by income levels
Tax Free Growth
NO Required Minimum Distributions
Ok to contribute after age 73

2024
Max yearly contribution (2024) 
–$7,000 or $8,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for allowing contributions (2024)
-$230,000 and $240,000 Joint / $146,000 and $161,000 Single

2023
Max yearly contribution (2023) 
–$6,500 or $7,500 @ age 50
Max Adjusted Gross Income (AGI) phase out for allowing contributions (2023)
–$218,000 to $228,000 Joint / $138,000 to $153,000 Single

2022
Max yearly contribution (2022) (no increase from 2021)
–$6,000 or $7,000 @ age 50
Max Adjusted Gross Income (AGI) phase out for allowing contributions (2022)
–$204,000 to $214,000 Joint / $129,000 to- $144,000 Single


**See IRS publication 590 for ROTH IRA and IRA qualifications. https://www.irs.gov/uac/About-Publication-590A

**See qualified plan Contribution Limits for details.

Non-Qualified Accounts

  • Individual - one owner
  • Joint - more than one owner
    • (JTWROS) Joint with Rights of Survivorship
    • (TIC) Tenants in common
  • Accounts for Minors
    UGMA - Uniform Gifts to Minors Act
    UTMA - Uniform Transfers to Minors Act
  • Trust - Revocable vs Irrevocable 

Other Account Types

• 457(b) Deferred Compensation Plan - (Government and Non-Government).

Risk for each category varies.

Please contact Doleman Wealth Management, LLC, for more details.

Some assets held in various Account Types/Registrations may or may not offer tax benefits. Investors should consult with their tax advisor or Certified Public Accountant for their own personal situation.

*please see below for important disclosure