As a self-employed,I earned $70,000 this year and would like to know what is the maximum amount I can contribute to my SEP-IRA acount.Thanks a lot and I will greatly appreciate your input. Fool on....
Greetings, Donplurad, and welcome. You asked:<<As a self-employed,I earned $70,000 this year and would like to know what is the maximum amount I can contribute to my SEP-IRA acount.>>You may contribute a maximum of the lesser of $30K or 13.0435% of your net earnings from self-employment. See IRS Publication 560 (Retirement Plans for Small Business) available at www.irs.gov for details. If $70K is your net self-employment earnings, then you may contribute $9,130 to your SEP-IRA this year.Regards….Pixy
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