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4. Retirement Contributions. When you contribute to a pre-tax retirement plan (such as an IRA), you can deduct those contributions from your tax return. And if you’re self-employed, you can open ...
With a solo 401(k), you can make an employee contribution – up to $23,500 in 2025 – as well as an employer contribution up to 25 percent of your company’s profits, up to a total deposit of ...
In other respects, the solo 401(k) operates like any other 401(k) plan, whether it’s a traditional 401(k) or a Roth 401(k). If you set up your solo 401(k) to take tax-deductible contributions ...
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 ...
Provides a way for you to save for retirement: If you’re self-employed, ... tax-free and then withdraw your money tax-free in retirement. Annual contributions are limited to $7,000 in 2024 and ...
To contribute, even if you’re self-employed, you must be at least 21 years of age, have worked for your employer (or yourself) for at least three of the past five years and have received at ...
Larger catch-up contributions for older savers. If you're self-employed or work for a small business that offers SIMPLE IRA accounts to employees, the catch-up contribution rules are changing in 2025.
A one-participant 401(k) or solo 401(k) is an attractive retirement savings option for self-employed workers or business owners. While they’re similar to the standard 401(k) plans often offered ...