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. If you can't locate your Schedule 1040-C or W-2, contact your tax professional.
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. RBC Capital Markets does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in consultation with your independent tax or legal advisor. No information, including but not limited to written materials, provided by RBC Capital Markets should be construed as legal, accounting or tax advice.
RBC Capital Markets, LLC Member NYSE/FINRA/SIPC. RBC Captial Markets is not affiliated with CalcXML.
