RETIREMENTSelf-EmployedFinance Calculator
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Self-Employed Retirement Plans

Calculate max contributions for Solo 401(k), SEP-IRA, and SIMPLE IRA. Compare plans and tax savings.

Concept Fundamentals
$57,851
Max Contribution
$18,512
Tax Savings
$23,000
Employee
$34,851
Employer

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Solo 401(k) for max contributions SEP-IRA for simplicity SIMPLE for lower income

Key figures
$57,851
Max Contribution
Key figure
$18,512
Tax Savings
Key figure
$23,000
Employee
Key figure
$34,851
Employer
Key figure

Ready to run the numbers?

Why: Self-employed can save more than employees with the right plan.

How: Enter net income, age, plan type, and tax rate. See max contribution and tax savings.

Solo 401(k) for max contributionsSEP-IRA for simplicity
Sources:IRS Pub 560

Run the calculator when you are ready.

Calculate Contributions

Self-Employed Retirement Calculator

Solo 401(k) โ€ข SEP-IRA โ€ข SIMPLE IRA

Sample Scenarios โ€” Click to Load

Income & Plan

Schedule C
$
50+ catch-up
years
Marginal rate
%
self_employed.sh
CALCULATED
$ analyze --type=self-employed
Max Contribution
$57,851
Employee
$23,000
Employer
$34,851
Tax Savings
$18,512
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Self-Employed Retirement Calculator
Max Contribution
$57,851
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Contribution Analysis

Income Details

Net Self-Employment Income$150,000
SE Tax Deduction$10,597
Adjusted Income$139,403

Plan Details

Plan TypeSolo 401(k)
Catch-Up EligibleNo

Contributions

Employee Contribution$23,000
Employer Contribution$34,851
Total Maximum$57,851
Tax Savings$18,512

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For educational and informational purposes only. Verify with a qualified professional.

๐Ÿ’ก Money Facts

$69K

Solo 401(k) 2024 limit

25%

SEP-IRA max %

$7.5K

Catch-up 50+

Oct 15

Contribution deadline

๐Ÿ“‹ Key Takeaways

  • โ€ข Solo 401(k) usually allows highest contributionsโ€”employee + employer portions
  • โ€ข SEP-IRA is easier to administer; employer-only contributions
  • โ€ข Consider Roth option for tax diversification
  • โ€ข Can have both IRA and self-employed plan; contribution limits apply separately

๐Ÿ’ก Did You Know?

๐Ÿš€Solo 401(k) 2024 limit: $69K + $7.5K catch-up (50+)Source: IRS
๐Ÿ“ŠSEP-IRA: up to 25% of net self-employment incomeSource: IRS
๐Ÿ’ฐSIMPLE IRA: $16K + $3.5K catch-up for 2024Source: IRS
โฐDeadline: tax filing deadline including extensionsSource: IRS
๐Ÿ“ˆSelf-employment tax reduces contribution baseSource: IRS
๐Ÿ”„Can switch plans; consider Solo 401(k) for max savingsSource: CFP

๐Ÿ“– How It Works

Solo 401(k): employee deferral + employer profit-sharing. SEP-IRA: employer-only, up to 25% of compensation. SIMPLE IRA: employee + employer match. All use IRS limits and life expectancy tables.

๐ŸŽฏ Expert Tips

๐Ÿ’ก Solo 401(k)

Best for high earners; Roth option available.

๐Ÿ’ก SEP-IRA

Simple setup; good for variable income.

๐Ÿ’ก SIMPLE IRA

Lower limits; employee contributions.

๐Ÿ’ก Deadline

Tax filing deadline with extensions.

โš–๏ธ Plan Comparison

PlanMax (approx)Setup
Solo 401(k)$69K+Complex
SEP-IRA$69KSimple
SIMPLE IRA$19.5KSimple

โ“ FAQ

Which plan is best?

Solo 401(k) for max contributions; SEP-IRA for simplicity; SIMPLE for lower income.

Can I have multiple plans?

Yes, but contribution limits aggregate. Can have IRA + one employer plan.

When is the deadline?

Tax filing deadline including extensions (e.g., Oct 15).

๐Ÿ“Š By the Numbers

$69K
Solo/SEP Limit
25%
SEP Max %
$7.5K
Catch-Up 50+
Oct 15
Deadline

๐Ÿ“š Sources

  • โ€ข IRS.gov โ€“ Publication 560

โš ๏ธ Disclaimer: Estimates only. Consult a tax professional.

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