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30 April, 00:58

Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2017. what is the maximum amount he can contribute to his sep for the year?

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  1. 30 April, 02:17
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    The maximum that he can contribute is $54,000.

    For self employed individuals, the maximum contribution cannot exceed the lessor of 25% of total compensation or $54,000 for 2017.

    25% of $300,000 is $75,000, so he is limited to contributing $54,000.
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