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Returning Member
posted Apr 10, 2023 1:20:52 PM

Self employed elective deferrals: keep get Review erro

I'm self employed and old enough that I qualify for the $27K max contribution but when I do a review - in preparation to send my taxes - the error says the SEP/SIMPLE contribution can't exceed $20500. What's up with that?

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1 Replies
Expert Alumni
Apr 10, 2023 4:23:21 PM

The contribution allowed is based on your income or program limitations. A SIMPLE would be limited to $17,000 for 2022 so I believe you have a SEP that is being limited based on your income.

If it is a SEP. See SEP Contribution Limits. 

If you have a SIMPLE, see SIMPLE IRA Plan FAQs for contributions.