Correct, the deposit needs to be made by January 30th.
The IRS uses the term "salary reduction" for a self-employed taxpayer making the election to participate in a Simple IRA Plan, although the sole proprietor is not an employee and does not receive a W-2.
According to the IRS:
“If you are a Schedule C filer (a sole proprietor) and have a SIMPLE IRA plan, you are treated as both an employer and an employee when calculating and reporting your own plan contributions and limits.”
“You may defer up to $15,500 in 2023, $14,000 in 2022, $13,500 in 2021 and in 2020 and $13,000 in 2019 (adjusted cost-of-living in later years). However, you may not exceed your net earnings from self-employment from the business sponsoring the SIMPLE IRA plan. If you are age 50 or over, you can make a catch-up contribution of up to $3,500 in 2023 ($3,000 in 2022, 2021, 2020 and 2019 adjusted for cost-of-living in later years).”
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