The Fidelity Self-Employed 401(K) Contribution Page 2

ADVERTISEMENT

Calculate your maximum contributions
2015
Example
Yourself
Part I – Calculate Your Adjusted Net Business Profits
1. Business Net Profits
1. $ 100,000
(From Schedule C, C-EZ, or K-1)
2. Self-Employment Tax Deduction
2. $
7,065
(From IRS Form 1040 Schedule SE)
3. Adjusted Net Business Profits
3. $ 92,935
(Subtract Line 2 from Line 1)
Part II – Calculate Your Maximum Salary Deferral
1
4. Annual Salary Deferral Limit
4. $ 18,000
(Enter $18,000 for 2015)
5. Maximum Salary Deferral Amount
5. $ 18,000
(The lesser of Line 4 and Line 3)
6. Adjusted Net Business Profits after Salary Deferral
6. $ 74,935
(Subtract Line 5 from Line 3)
If the result is zero, stop here. The result on Line 5 is the
maximum contribution you can make to your plan.
Part III – Calculate Your Maximum Profit Sharing Contribution
7. Calculation A: Divide Line 6 by 2.00
7. $ 37,467
8. Calculation B: Multiply Line 3 by .20
8. $ 18,587
9. Calculation C: Subtract Line 5 from $53,000 for 2015
9. $ 35,000
10. Maximum Profit Sharing Contribution
10. $ 18,587
(Enter the lesser of Lines 7, 8 or 9)
Part IV – If Age 50 or Older by Applicable Year-End,
Calculate
2
Your Maximum Catch-Up Salary Deferral
11. Annual Catch-Up Salary Deferral Limit
(If age 50 or older by applicable year-end)
11. $
6,000
(Enter $6,000)
12. Adjusted Net Business Profits after Salary Deferral
and Profit Sharing Contribution
12. $ 56,348
(Subtract Line 10 from Line 6)
13. Maximum Catch-Up Salary Deferral Amount
13. $
6,000
(Enter the lesser of Line 11 or Line 12)
Part V – Calculate Your Maximum Contribution Amount
14. Maximum Contribution Amount
14.
a. If you are under age 50, add Lines 5 and 10
$ 36,587
b. If you are age 50 or older by applicable year-end,
$ 42,587
add Lines 5, 10 and 13
Your salary deferral amount must be in accordance with your 401(k) Salary Reduction Agreement election made prior to your plan year-end.
1
If you are age 50 or older, or will turn age 50 during the calendar year for which you are making the contribution, you may be able to make an
2
additional contribution up to the limits outlined on this worksheet.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
708565.2.0
900 Salem Street, Smithfield, RI 02917
1.9862937.101

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

401(k) Contribution Authorization Form 401(k) Contribution Authorization Form Financial
401(k) Contribution Enrollment/deferral Change Form 401(k) Contribution Enrollment/deferral Change Form Financial
Form L -0740 - Application To Suspend The Filing Of Employer's Quarterly Contribution Reports Form L -0740 - Application To Suspend The Filing Of Employer's Quarterly Contribution Reports Legal
Fidelity Investments Workplace Savings Plan Contribution Form 401(a/k) Or 403(b) Plan Fidelity Investments Workplace Savings Plan Contribution Form 401(a/k) Or 403(b) Plan Business
401 (k) Plan Contribution Authorization/change Form (compensation $17,000) 401 (k) Plan Contribution Authorization/change Form (compensation $17,000) Financial
Contribution Election Form Burton Excavating, Inc. 401(k) Plan Contribution Election Form Burton Excavating, Inc. 401(k) Plan Business
Self-employed Request For Access To The Online C10 System Form Self-employed Request For Access To The Online C10 System Form Business
401(k) Plan Beneficiary Designation Form 401(k) Plan Beneficiary Designation Form Legal
401(k) Change Request Form 401(k) Change Request Form Financial
401(k) New Hire Form 401(k) New Hire Form Business

Related Categories

Parent category: Financial
Download
Go
Page of 2