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I am self employed. What is the maximum amount I can contribute to my SEP-IRA

 
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Level 5

I am self employed. What is the maximum amount I can contribute to my SEP-IRA

As a self-employed person, for 2016 you can contribute no more than the lesser of:

  • 20% of your self-employment income
  • $53,000
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New Member

I am self employed. What is the maximum amount I can contribute to my SEP-IRA

where can I enter the ira contribution for 2016 as a self-employed?
Level 5

I am self employed. What is the maximum amount I can contribute to my SEP-IRA

As a self-employed person, for 2016 you can contribute no more than the lesser of:

  • 20% of your self-employment income
  • $53,000
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Level 15

I am self employed. What is the maximum amount I can contribute to my SEP-IRA

For this calculation, your "self-employment income" is your net profit from self-employment minus the deductible portion of your self-employment taxes.