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Self-employed individuals and businesses employing only the owner, partners and spouses have several options for tax-advantaged savings including: an Individual 401(k) plan, a SEP IRA or a SIMPLE IRA. Each option has distinct features and amounts that can be contributed to the plan each year. Use the Individual 401(k) Contribution Comparison to estimate the potential contribution that can be made to an Individual 401(k) compared with a SIMPLE or SEP plan.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
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Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.
Net income
For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.
$0
$10k
$100k
$1m
Current age
Your current age. For SIMPLE and Individual 401(k) plans you are able to make additional contributions, known as 'Catchup Contributions' if you are age 50 or older by the end of the year.
20
40
60
80
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.
Net income
For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.
Current age
Your current age. For SIMPLE and Individual 401(k) plans you are able to make additional contributions, known as 'Catchup Contributions' if you are age 50 or older by the end of the year.
