QRP, 401k, Solo 401(k), SEP-IRA, SIMPLE-IRA Max Contribution Comparison

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.

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By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

An Individual 401(k) allows a $0 annual contribution for 2023

*indicates required.

Business type and income:

Business type:*This entry is required.

Net income:*This entry is required.Enter an amount between $0 and $100,000,000

Current age:*This entry is required.Enter an amount between 20 and 80

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Helpful IRS QRP & 401k Annual Contribution Resources:

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