Self-Employed · Freelancers · 1099

New York Solo 401(k) Calculator 2026

Your exact contribution limit and combined federal + New York state tax savings. Free, no sign-up.

New York state tax

6.9% State Rate

2026 max contribution

$70,000

Est. total savings*

$12,117

Deadline to open

Dec 31, 2026

*Based on $42,000 contribution at 22% federal + 6.9% state rate

New York tax note: New York levies a 6.9% state income tax. Your Solo 401(k) contributions reduce both your federal and New York taxable income, boosting your total tax savings beyond the federal benefit alone.

Your situation

Takes under 2 minutes · We never store your inputs

✦ Import from document

Paste an offer letter, 1099, contract, or any document with income details — Claude will fill the fields for you.

Affects catch-up contribution limits (age 50+, 60–63 enhanced)

From Schedule C line 31, or your best estimate if mid-year

Enter 0 if you have no day job. Affects IRA deductibility and total 401(k) room.

An HDHP (high-deductible plan) unlocks HSA contributions — the only triple-tax-advantaged account

Traditional IRA, SEP-IRA, or SIMPLE IRA balances. Affects backdoor Roth eligibility.

We never store your inputs. All calculations happen on our server.

📊

Your 2026 retirement plan

Fill in your situation and click Calculate →

Solo 401(k) Tax Savings in New York

New York levies a 6.9% state income tax. Your Solo 401(k) contributions reduce both your federal and New York taxable income, boosting your total tax savings beyond the federal benefit alone.

At 6.9% New York income tax plus 22% federal, a $42,000 Solo 401(k) contribution saves approximately $12,117 in combined taxes — $9,240 federal and $2,877 state. That's a 28.8% combined tax savings rate on every dollar contributed.

Local taxes: New York City residents pay an additional 3.876% city income tax, making the combined savings rate even higher for NYC-based freelancers.

How to open a Solo 401(k) as a New York freelancer

  1. Get an EIN — free at IRS.gov, takes 5 minutes. Required even as a sole proprietor.
  2. Choose a provider — Fidelity, Schwab, and Vanguard offer free Solo 401(k) plans with no annual fees.
  3. Open by December 31 — the account must exist before year-end for contributions to count for that tax year.
  4. Fund by your filing deadline — April 15, 2027, or October 15 with an extension.

Frequently Asked Questions

How much can a self-employed New York resident contribute in 2026?

The 2026 Solo 401(k) limit is $70,000 ($77,500 with catch-up for those 50+). Your exact maximum depends on your net self-employment income after the SE tax deduction. Use the calculator above for your specific number.

Does New York tax Solo 401(k) contributions?

New York follows the federal treatment. Traditional (pre-tax) contributions reduce your New York taxable income at the 6.9% state rate, providing savings at both the federal and state level.

Solo 401(k) vs. SEP-IRA — which is better for New York freelancers?

For most New York self-employed professionals earning under $280,000, a Solo 401(k) allows larger contributions than a SEP-IRA — especially at income under $120,000. Both receive the same New York state tax treatment on contributions.

When is the Solo 401(k) deadline for New York residents?

The account must be open by December 31, 2026. Employee deferrals are elected by year-end. Employer contributions can be made up to your tax filing deadline — April 15, 2027, or October 15 with an extension.

Solo 401(k) guides by state

All states →New JerseyConnecticutPennsylvania

Free newsletter

Weekly insights for freelancers & self-employed

IRS updates, strategy breakdowns, and new tools — straight to your inbox. Free, no spam.

No spam. Unsubscribe anytime. ~1 email/week.