The Self-Directed IRA contribution limits for 2022 are $6,000 if you're younger than 50, $7,000 if you're 50 or older, or the amount of your taxable compensation for the year (if you earned less than the limit). This is true for any Traditional Self-Directed IRA or Roth IRA. However, it's important to pay attention to these contribution limits each year, as they can change from one year to the next.
Fortunately, fixing an over-contribution to a Self-Directed IRA is a simple and straightforward process. All you need to do to remedy the situation is withdraw the excess contribution from your account, including any income it earned, before your tax return due date. To obtain the necessary paperwork, contact your IRA custodian and inform them of the excess contribution.
If you only become aware of the over-contribution after filing your taxes, there are still steps you can take to avoid the 6% tax penalty. You can withdraw the excess contribution and then submit an amended tax return by the October extension deadline.