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New Member
posted Apr 12, 2022 4:00:02 AM

I am 62 years old and a 1099 employee with 70K in income. How much can I contribute to a SEP plan?

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2 Replies
Expert Alumni
Apr 12, 2022 4:24:11 AM

For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 for 2022 ($58,000 for 2021; $57,000 for 2020).

 

Here is an article on how much you can Contribution to a SEP plan.

 

Level 15
Apr 12, 2022 5:18:29 AM

1099 employee

Just to clarify, an employee gets a W-2.  Since you get a 1099, you are an independent contractor.