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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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simple match for self employed
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llfcpa
Level 3
04-07-2024
09:56 AM
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Is there a calculation function within pro series to calculate the simple match for a self employed individual?
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qbteachmt
Level 15
04-07-2024
10:56 AM
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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:
And here is a limit calculator that gives you Solo 401(k), SIMPLE IRA and SEP IRA $ limit calculations:
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