simple match for self employed

Forum|Forum|2 years ago
April 7, 2024
2 replies
18 views

Is there a calculation function within pro series to calculate the simple match for a self employed individual?

ProSeries Professional

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IRonMaN

Level 15

I think you have to do that calculation yourself.

Slava Ukraini!

qbteachmt

Level 15

Did you mean "simple" as in easy? Or, SIMPLE as in SIMPLE IRA plan? Any retirement plan through their company has a plan document which tells you the terms of matching. For instance, SIMPLE IRA might be 3% match (not more than this, and not exceeding the $ limit, of course). The software you are using doesn't know the employer's plan details.

You can read here:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-simple-ira-contribution-limits

And here is a limit calculator that gives you Solo 401(k), SIMPLE IRA and SEP IRA $ limit calculations:

https://www.pacificlife.com/home/insights/calculators/self-employed-retirement-plan-maximum-contribution-calculator.html

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