I'm self-employed, how much can I contribute to a retirement plan?

Compensation for a self-employed individual (sole proprietor or partner) is that person's earned income.* The starting point to determine the individual's earned income is the net profit amount from the Schedule C (or Schedule K-1 for a partnership). Use this calculator to determine your maximum contribution amount for the different types of small business retirement plans, such as Individual(k), SIMPLE IRA or SEP-IRA.

*Earned Income = Net Profit – 1/2 of Self-Employment Tax – Contribution

Personal Information
Client Name  
Advisor Name  
Plan Information
Type of business 
Contribution tax year 
Current age 
Net profit from Form 1040-Schedule C ($)
(or W-2 income if corporation)
 
This is not a financial plan. This document is for informational purposes only, and should only be used as a general guide. The results presented herein depend wholly upon the information provided by you and the assumptions utilized within. No representation is being made that your account will, or is likely to achieve profits or losses similar to those shown. Actual returns will vary. This information does not constitute tax advice. Please consult with your financial and tax advisors before implementing or changing your investment plan.

RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC

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