Skip to main content
April 10, 2023
Question

Self employed elective deferrals: keep get Review erro

  • April 10, 2023
  • 1 reply
  • 0 views

I'm self employed and old enough that I qualify for the $27K max contribution but when I do a review - in preparation to send my taxes - the error says the SEP/SIMPLE contribution can't exceed $20500. What's up with that?

    1 reply

    AmyC
    Employee
    April 10, 2023

    The contribution allowed is based on your income or program limitations. A SIMPLE would be limited to $17,000 for 2022 so I believe you have a SEP that is being limited based on your income.

    If it is a SEP. See SEP Contribution Limits. 

    If you have a SIMPLE, see SIMPLE IRA Plan FAQs for contributions.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"