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SK55
New Member

SIMPLE IRA match for self employed

I am self-employed with 2 schedule C businesses, both with a profit. I maxed out my employee contribution to the SIMPLE IRA and need to calculate the match which will be 3% of compensation plus the additional $5000 allowed by the SECURE Act. But the match affects self employment income which affects the deductible portion of self-employment taxes and also affects the amount of the health insurance premium tax credit which then also affects the portion of the health insurance premium deducted from self-employment income. With 4 inter-related variables how am I supposed to calculate the match? Has any software been programmed to do this correctly yet?

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