SIMPLE IRA Plan – Sole Proprietor’s Contribution – 2017 Worksheet

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This tax worksheet calculates a self-employed person’s deductible contribution to a SIMPLE-IRA plan.

Footnotes

  1. An eligible individual must make salary reduction contributions up to the regular limit for the year ($18,000 for 2017) before any are treated as catch-up contributions.
  2. A taxpayer’s elective deferrals to all plans for 2017 are limited to the total of $18,000.
  3. Farmers receiving social security retirement or disability benefits reduce SE income by the amount of Conservation Reserve Program payments included in SE income.
  4. Married taxpayers residing in Community Property states disregard community property laws when determining the taxpayer’s net earnings from self-employment.
  5. The allowable catch-up contribution amount is the lesser of (1) the applicable limit or (2) excess of taxpayer’s compensation over regular salary deferrals. However, an eligible individual must make elective deferrals up to the regular limit for the year before any are treated as catch-up contributions.

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