A 50+ yr old sole proprietor with Net C income for 2008 of only $9,700 can contribute how much to a SIMPLE IRA? Everything I read says it is the [u]lesser of 100% of compensation [/u]and the maximum for the year ($10,500) plus Catchup provision ($2500). Accountant claims that the contribution allowed is $13,000. I feel that the maximum contribution is limited to $9,700. Who is right?