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

Plan Information
Type of business 
Contribution tax year 
Current age 
Net profit from Form 1040-Schedule C ($)
(or W-2 income if corporation)
 
This information is intended to help you analyze your financial needs, based on the information you provide. This service shall not imply that the company assumes any fiduciary duties. In addition, such service should not be relied upon as the only source of information. Hypothetical illustrations may provide historical or current performance information. Past performance does not necessarily predict future results.

Powered By CalcXML Calculators For Websites