For the 2022 tax year, you may contribute the lesser of 25% of compensation or $61,000. If you are self-employed, contributions are generally limited to 20% of your net earnings. See IRS Publication 560 for more information. The IRS regularly updates the maximum allowable contribution amount each year. For each year that you make contributions to your SEP IRA, you must also make contributions to the SEP IRAs for any of your eligible employees. Please consult with your tax advisor for assistance with calculating your allowable contribution amount.