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Individual 401(k) Contribution Calculator

Self-employed individuals and businesses employing only the owner, partners and spouses have several options for tax-advantaged savings: an Individual 401(k) plan, a SEP IRA, a SIMPLE IRA, or a Profit Sharing plan. Each option has distinct features and amounts that can be contributed to the plan each year. Use the Individual 401(k) Contribution Comparison to estimate the potential contribution that can be made to an Individual 401(k) compared to Profit Sharing, SIMPLE, or SEP plan for 2012.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.

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For more information about this Plug-in please visit: SUN's Java™ Plug-in
For more information about these retirement calculators please visit: Retirement Calculators from KJE Computer Solutions, LLC

Definitions

Business type: Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.
Net income: For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.
Current age: Your current age. For SIMPLE and Individual 401(k) plans you are able to make additional contributions, known as "Catchup Contributions" if you are age 50 or older by the end of the year. Individual 401(k) plans allow for an additional $5,500 while SIMPLE IRAs allow for an additional $2,500 contribution.

calculator
definitions

Business type

Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.

Net income

For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.

Current age

Your current age. For SIMPLE and Individual 401(k) plans you are able to make additional contributions, known as "Catchup Contributions" if you are age 50 or older by the end of the year. Individual 401(k) plans allow for an additional $5,500 while SIMPLE IRAs allow for an additional $2,500 contribution.