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Can 1099 Contractors Join My Illinois Savings?
Yes, with a caveat. The My Illinois Savings employer mandate does not cover 1099 contractors. The program says self-employed people can open an account, but its eligibility list is written around wages from an in-state employer. Confirm eligibility with the program before you rely on this.
Last verified Oct 27, 2026.
Rules for every state are in all 50 states' auto-IRA rules.
Gigaverse is based in Chicago. This page is written for 1099 rideshare and delivery drivers and for Cook County freelancers checking My Illinois Savings.
Illinois self-employment tax
Federal self-employment tax is 15.3% of 92.35% of net profit: 12.4% Social Security, up to the $184,500 wage base in 2026, and 2.9% Medicare with no cap. Half of that tax is deductible. Illinois income tax is separate from both that federal tax and from a My Illinois Savings contribution. The program does not withhold either tax.
Illinois tax guide · 1099 estimated tax calculator · Self-employment tax calculator
Does My Illinois Savings (formerly Illinois Secure Choice) cover independent contractors?
No employer mandate in this set covers 1099 contractors. The trigger is W-2 payroll, and nothing is withheld from a contractor's pay. If you're self-employed, a freelancer, or your employer isn't registered, you can open your own account directly. The saver page says 18+ with earned taxable Illinois wages. The Program Description's self-enroll section says only 18+ and Roth IRA eligibility. Those two descriptions conflict for someone with only 1099 income.
For tax pros, here is why the mandate skips 1099 clients (for tax pros).
How to sign up for My Illinois Savings as a self-employed worker
The official page describes opening an account with a Social Security number, date of birth and address, then a bank auto-debit or a one-time deposit. The program has not published a dollar minimum for self-enrollment. The saver page says 18+ with earned taxable Illinois wages. The Program Description's self-enroll section says only 18+ and Roth IRA eligibility. Those two descriptions conflict for someone with only 1099 income. Confirm eligibility with the program.
My Illinois Savings contribution limits for 2026
The account is an IRA. The 2026 limit is $7,500, or $8,600 at age 50 or older, and you can contribute only up to your earned income. Roth eligibility phases out at MAGI of $153,000 or more (single) or $242,000 or more (joint), as the program pages state. That IRA limit is shared across every IRA you hold.
Default rate, auto-escalation and investments
The default rate is 5% after tax. Auto-escalation: +1% each January (after 6 months enrolled) up to 10%. New money sits in Capital Preservation for 90 days, then moves to a Target Retirement Date fund.. Those defaults apply to payroll savers. A self-employed saver picks their own amount.
My Illinois Savings fees
$12 a year account fee ($3 a quarter) plus a total asset-based fee of 0.27%–0.39% depending on the option, from the Program Description fee table as of June 1, 2026. The saver page wording ('$0.20 to $0.39 per $100') does not match that table. This page cites the table.
Who runs My Illinois Savings?
Vestwell Government Savings, LLC (program manager since June 15, 2026); BNY for day-to-day operations; overseen by the Illinois Secure Choice Savings Board, staffed by the Illinois State Treasurer.
My Illinois Savings vs. Solo 401(k) vs. SEP-IRA for 1099 workers
| My Illinois Savings | Solo 401(k) | SEP-IRA | |
|---|---|---|---|
| Annual limit | $7,500, or $8,600 at 50+. Capped at earned income. | Employee deferral $24,500 in 2026, plus employer contributions, up to $72,000 combined. | Employer contributions up to 25% of compensation, capped at $72,000. |
| Who contributes | You, from your bank. No employer. | You, as employee and as employer. | You, as employer. |
| Roth option | Roth IRA (default) | A Solo 401(k) can include a Roth deferral. Gigaverse's Solo 401(k) is waitlist only. | SEP contributions are usually pre-tax. |
| Setup | Open on the program site if the program confirms you are eligible. | Gigaverse is building this. Join the waitlist. | Gigaverse is building this. Join the waitlist. |
The state program is a low-cost IRA if you want automatic saving and the program confirms you can join. A Solo 401(k) for self-employed workers or a SEP-IRA has a higher ceiling when 1099 profit is large enough to save more than $7,500 a year. Run the numbers in the SEP-IRA contribution calculator.
Where Gigaverse fits
Gigaverse is not My Illinois Savings and is not a registered investment adviser. Plans on the pricing page are Free ($0), Pro ($4.99/mo) and Wealth Builder ($9.99/mo). The PRActicle™ Roth IRA, Solo 401(k) and SEP IRA are waitlist only. My Illinois Savings is a low-cost IRA capped at $7,500 ($8,600 at 50+) for 2026. 1099 workers whose profit supports bigger savings can compare a Solo 401(k) or SEP, which Gigaverse is building.
Questions
Can 1099 contractors and freelancers join My Illinois Savings?
Yes, with a caveat. The My Illinois Savings employer mandate does not cover 1099 contractors, but the program says you can open your own account. The official page says self-employed people can open an account, and it also describes eligibility in a way that may not fit someone with only 1099 income. The saver page says 18+ with earned taxable Illinois wages. The Program Description's self-enroll section says only 18+ and Roth IRA eligibility. Those two descriptions conflict for someone with only 1099 income. Confirm eligibility with the program before you rely on this. The program was called Illinois Secure Choice until June 15, 2026.
Does a client who pays me on a 1099 have to enroll me in My Illinois Savings?
No. The mandate is triggered by W-2 payroll, and nothing is withheld from 1099 pay. A client does not enroll you. If you join, you open the account yourself. Confirm eligibility with the program.
How much can I put in My Illinois Savings in 2026?
The program is an IRA. The 2026 IRA limit is $7,500, or $8,600 at age 50 or older, and you can contribute only up to your earned income. Roth eligibility phases out at MAGI of $153,000 or more (single) or $242,000 or more (joint), as the program pages state. That limit is shared across all of your IRAs.
What fees does My Illinois Savings charge?
$12 a year account fee ($3 a quarter) plus a total asset-based fee of 0.27%–0.39% depending on the option, from the Program Description fee table as of June 1, 2026. The saver page wording ('$0.20 to $0.39 per $100') does not match that table. This page cites the table.
Who runs My Illinois Savings?
Vestwell Government Savings, LLC (program manager since June 15, 2026); BNY for day-to-day operations; overseen by the Illinois Secure Choice Savings Board, staffed by the Illinois State Treasurer.
Can I contribute to My Illinois Savings and a Solo 401(k) or SEP-IRA in the same year?
The $7,500 IRA limit ($8,600 at 50+) applies to My Illinois Savings together with any other IRA. A Solo 401(k) or SEP-IRA has its own contribution rules, and this page does not say which mix fits you. Use the SEP-IRA contribution calculator to see the SEP number, and confirm with the program.
Is My Illinois Savings a Roth IRA?
Roth IRA (default)
Sources and last verified
Last verified Oct 27, 2026. Checked 2026-10-27.
See all 50 states' auto-IRA rules and the Illinois tax guide.
Other programs: CalSavers
Educational information only, not tax or investment advice. Gigaverse AI, Inc. is not a bank and is not a registered investment adviser. We are not affiliated with My Illinois Savings. Program details and fees are set by the program and can change. Confirm eligibility and current terms with the program. Figures above that say "about" are the program's own approximate figures. Anything marked "Not published by the program" was not on the official pages checked 2026-10-27.