SIMPLE IRA Max Contribution Submitted by Kevin Dempsey on Wed, 2024-10-16 13:47How do we calculate the maximum SIMPLE IRA contribution for a sole proprietor?Flag as spam
Permalink Submitted by Alan - IRA critic on Wed, 2024-10-16 17:51
For 2024 the max salary reduction contribution is the lesser of:
Net earnings from SE less 1/2 of SE tax or
16,000 plus 3,500 catch up contribution for age 50+
The matching (employer) contribution can be up to 3% of compensation (but not more than the salary reduction contribution).