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ibsc2009
New Member

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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JillS56
Expert Alumni

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

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.

 

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

1099 employee

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

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