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Solo 401(k) Annual contribution limit. $23,500. $23,500. Catch-up contribution limit for employees aged 50 and over. $7,500. $7,500. Catch-up contribution limit for those aged 60, 61, 62, and 63.
Pick a broker that offers a free solo 401(k) ... Those aged 50 to 59 or 64 and older can add an additional $7,500 as a catch-up contribution, and those between ages 60 and 63 can add $11,250 as a ...
The annual limit is $66,000 for those under age 50 and $73,500 for those 50 and older making catch-up contributions for the 2023 tax year. The solo 401(k) plans from My Solo 401k Financial also ...
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 allowing them ...
The IRS places contribution limits on 401(k)s: For 2024, the contribution limit is $23,000, with an additional $7,500 allowed in catch-up contributions for workers who are age 50 or older.
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. Those 50 and over can make ...