Retirement savings

tayloredurogyn — Tue, 24 Feb 2026 07:02:01 GMT

What is the maximal amount a self employed 1099 contractor can contribute to retirement accounts?

What times of retirement accounts can 1099 self employed contractor contribute to beyond Rollover IRA or Roth IRA?

Re: Retirement savings

Bsch4477 — Wed, 30 Aug 2023 23:06:14 GMT

About up to 20% of net self employment income into a SEP IRA. That’s in addition to your Roth contribution.

Re: Retirement savings

Terri Lynn — Wed, 27 Sep 2023 17:47:55 GMT

Hi Tayloredurogyn,

This is a great question!

In gneral you can put in up to 25 percent of your net earnings from self-employment, which is your net Schedule C profit minus the deduction for one-half of your self-employment tax. The maximum annual contribution, $66,000 for 2023 (up from $61,000 in 2022) For those 50 or older, there is also a $7,500 catch-up contribution amount allowing total contributions in 2023 of $73,500.

In addition to a Roth or Traditional IRA you coud consider contributing to many other retirement plans, such as a Simple, SEP IRA, or Solo 401K.

In 2023, the contribution limits are as follows:

Traditional or Roth IRA are limited to $6,500 (if over 50, $7,500).
SIMPLE IRA accounts, are limited to $15,500, (50 or over $19,000.
SEP IRA accounts, contributom is limited up to an additional 25% of your net earnings from self-employment for total contributions of $66,000 for 2023.
Solo 401K accounts, contribution limit is up to an additional 25% of your net earnings from self-employment for total contributions of $66,000 for 2023,($7,500 catch-up contribution amount allowing total contributions in 2023 of $73,500.)

For additional tips on how to boost you retiurement savings, click on this link:

Boost Your Retirement Savings

For additional information on Solo 401K plans you may click on this link:

Solo 401K for the Self Employed

Hopefully you will find this information helpful!

Terri H.

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Retirement savings

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