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Individual 401(k) Contribution

If you're self-employed or run your own business with no staff other than family, there are several ways that you can invest money and save on taxes. It's not always clear, though, which option is the best. Should you invest in an individual 401(k) plan, SEP, SIMPLE IRA, or profit share? Using current IRS information for 2010, our Individual 401(k) Contribution calculator compares the pros and cons of each option, based on your potential contribution.

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+ Read Individual 401(k) Contribution Definitions

Individual 401(k) Contribution Definitions

Business type: 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. Individual 401(k) plans allow for an additional $5,500 while SIMPLE IRAs allow for an additional $2,500 contribution.

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