Adding to previous response,
Making Contributions to a profit sharing plan, as a self employed individual, your must follow different requirements than an employer contributing to profit sharing plan for you.
The info below comes from IRS.gov
- Profit-sharing plan: allows you to decide how much to contribute on an annual basis, up to 25% of compensation (not including contributions for yourself) or $66,000 for 2023 ($61,000 for 2022, $58,000 for 2021, $57,000 for 2020 and $56,000 for 2019).
You could contribute up to 25% of $59,600
https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people#:~:text=Profit%2Dshar...).
