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Individual 401(k) Calculator

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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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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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