Using the retirement calculator you can calculate the maximum annual retirement contribution limit based on your income. Enter your name, age and income and then click "Calculate."
The result will show a comparison of how much could be contributed into an Individual 401k, SEP IRA, Defined Benefit Plan or SIMPLE IRA based on your income and age.
Note: A sole proprietor should use net adjusted business profit (not gross income) when using the calculator. Net adjusted business profit is calculated by taking gross sole proprietorship income and then subtracting business expenses and then subtracting 1/2 of the self employment tax.