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My Solo 401k Financial's self-directed 401 (k) plans for self-employed individuals now qualify for up to $1,500 in tax credits under the Secure Act.
One key difference between the solo 401 (k) and other self-employed retirement plans is that employees can contribute all of their salary up to the annual maximum contribution.
A one-participant 401 (k) or solo 401 (k) is an attractive retirement savings option for self-employed workers or business owners.
A Solo 401 (k) (also known as a Self Employed 401 (k) or Individual 401 (k)) is a 401 (k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner (s) and their spouse (s). The general 401 (k) plan gives employees an incentive to save for retirement by ...
There is also a maximum 401(k) contribution limit that applies to all employee and employer 401(k) contributions in a calendar year. This limit is the section 415 limit, which is the lesser of 100% of the employee's total pre-tax compensation or $56,000 for 2019, or $57,000 in 2020.
A Roth solo 401 (k) offers the same contribution limits as a Roth 401 (k) with a normal employer. For 2023, the contribution limit is $22,500 and for 2024 it’s $23,000.
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