TurboTax FAQ
TurboTax FAQ
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Can I contribute to a retirement plan when I’m self-employed?

Yes, you have many of the same options to save for retirement on a tax-deferred basis as an employee who participates in a company plan.

Options for a self-employed individual with no employees:

  • One-Participant 401(k) Plans, also called a solo 401(k) or individual 401(k)
  • Traditional IRA
  • Roth IRA

Options for a small business owner with employees:

  • 401(k) plan
  • Simplified Employee Pension (SEP) Plan
  • Savings Incentive Match Plan for Employees (SIMPLE IRA Plan)