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Video instructions and help with filling out and completing simple ira employer match calculation
The solo 401k is the most powerful retirement account on the planet when it comes to contributions this can add up to huge tax savings for you if you own your own business with a traditional IRA you can contribute up to five thousand five hundred dollars per year but with a solo 401k you can contribute up to fifty five thousand dollars per year double that if you're married the reason you can contribute and deduct so much money with the solo 401k is because you are both the employer and the employee in your business essentially this allows you to make two types of contributions maxing out more than any other retirement plan let me show you how to calculate your contributions with the solo 401k contribution calculator first input your business entity type as the contribution limits vary slightly based on your business structure select unincorporated sole proprietorship if your business is just you or a single-member LLC select single owner corporation if your business is an LLC taxed as an S corp a multi-member LLC an S corp or a C Corp next you'll input your net income if you were a sole proprietor this is the net compensation you were paid from your business generally this will show up on line 31 in Schedule C of your income tax return let's say your business has a gross annual revenue of two hundred and fifty thousand dollars you typically have about ninety five thousand dollars in expenses which leaves a hundred and fifty five thousand as your net income as shown on Schedule C of your tax return input a hundred and fifty five thousand into the calculator under net income finally input your age if you are age 50 or older you get an extra six thousand dollars of catch-up contributions you can make to the solo 401k plan if you were to have a traditional IRA you would be limited to a total contribution of five thousand five hundred dollars a SEP IRA allows a total contribution of twenty eight thousand 992 dollars a simple IRA will let you contribute 19 thousand seven hundred and twenty two dollars you can contribute up to twenty eight thousand nine hundred and ninety two dollars with a profit sharing plan with the solo 401k you can contribute fifty three thousand four hundred and ninety two dollars deduct your contributions from line twenty eight a form 1040 when you do your taxes let's go over another example where your business is a multi-member LLC with you and your spouse both as members your business will file form 1065 and each partner you and your spouse will receive a k1 your net compensation shows up on line 14 of your k1 for purposes of this example let's assume the net compensation on your k1 is $90,000 and the net compensation on your spouse is k1 is $55,000 we'll start with your contribution first input 90,000 into the calculator.