How Much Can I Contribute In A Defined Benefit Plan?

 If you are self-employed or own a small corporation or limited liability company, a Defined Benefit plan may be exactly what you need to generate a large tax deduction each year and start saving for retirement.

Defined Benefit plans are now better than ever, thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). The new higher benefit limits EGTRRA placed on Defined Benefit plans means higher possible contributions and more tax deductions. But as with all of EGTRRA, these higher limits are set to expire in only a few years, so now is the time to take advantage of them.

To calculate what your maximum annual contribution/deduction might be, just enter the following information. Please remember that these are estimates only; many other factors must be considered to complete a valid Actuarial Valuation.
How old are you now?  
What is your Annual Earned Income (W-2 or Net Earned Income from Schedule C)? $
 

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