Solo 401 K Contribution Limits 2025 Pdf Download. Solo 401k Contribution Limits for 2022 and (2025) For 2024, those limits are $69,000, or $76,000 for Recall, too, that starting in 2025, individuals ages 60 to 63 have an enhanced catch-up contribution amount of $11,250 under the SECURE 2.0 Act
How To Set Up Solo 401(k) Plans For SelfEmployed Workers from www.kitces.com
For 2025, you can contribute up to $70,000, $77,500 if you're ages 50-59, or 64 and older, and $81,250 if you're ages 60-63. REDUCED by any Employer or Employee contributions made to the Solo 401k [IGNORE any catch-up contributions made to the Solo 401k]
How To Set Up Solo 401(k) Plans For SelfEmployed Workers
For self-employed individuals, compensation means earned income You can contribute up to 25% of your income as an employer as well as up to $23,500 as an employee as well When you have a Solo 401(k), you are contributing as both an employee to the plan and the employer"as well, since you are a self-employed business owner
How Much Can I Contribute To My SelfEmployed 401(k) Plan?. For 2024, those limits are $69,000, or $76,000 for Note the limit does not go up if you are 50 or older Not impacted by any contributions made to another retirement plan through an unrelated employer (e.g., "day job" 401k plan) UNLESS the other plan is 403b
403(b) Contribution Limits For 2024 And 2025. If you are over the age of 50, you can contribute an additional $7,500 each year as a catch-up contribution or an additional $11,250 for those between the ages of 60 and 63. Limited Amount of Contributions: There is, however, an overall limit on combined elective deferrals and employer contributions to a solo 401(k) plan