This tool helps business owners calculate contribution amounts for SEP-IRA, Individual 401(k) and Keogh Plans.
1. Select the type of business Incorporated
2. Select the tax year 2017
3. Will you be 50 years of age or older at the end of 2015? Yes
(Your desired contribution as a percentage of your earned income)
-Up to 25% for a SEP-IRA, Individual 401(k), Profit Sharing or Money Purchase Pension Plan* for tax year 2016 or 2017
5. Enter your NET BUSINESS PROFITS (From Schedule C, C-EZ, or K-1)
* Business owners with a paired Profit Sharing/Money Purchase Pension Plan should enter a combined contribution percentage. The contribution should be allocated proportionately (example: 60% profit sharing, 40% money purchase for a plan that pairs a 15% profit sharing with a 10% money purchase contribution).
This calculator is intended to be an information source, and is not designed to encompass all possible fact patterns. It is not intended to be a source of individualized tax, financial, or legal advice. For information regarding your individual financial situation or tax consequences, you should consult a financial and/or tax adviser. For assistance with specific legal issues, you should consult a licensed attorney in your jurisdiction.