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Level 2
posted Apr 15, 2024 4:09:26 AM

Self Employed: Simple IRA 3% Matching Contribution

What is the formula for calculating the 3% Simple IRA matching contribution for a self-employed person? Do I plug in numbers from Form 1040 Schedule C and Schedule SE? Thank you!

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1 Replies
Level 2
Apr 15, 2024 5:45:16 AM

I am answering my own question in case it helps someone. For my purposes, the 3% contribution seems to be the result of the following formula:

(Schedule SE Line 3 - Schedule SE Line 13) x .03 = 3% Employer Contribution