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The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Workers can defer paying income tax on as much as $19,500 that they contribute ...
You'll file Form 941 quarterly to report employee federal withholdings.
The 401(k) contribution limit for 2024 is $23,000, and the catch-up contribution allows workers to add an additional $7,500 – for a grand total of $30,500 this year.
Employees who are at least 50 years old at any time during the year are now allowed additional pre-tax "catch up" contributions of up to $6,000 for 2015–2019, and $6,500 for 2020–2021. [40] [37] The limit for future "catch up" contributions may also be adjusted for inflation in increments of $500. In eligible plans, employees can elect to ...
A Solo 401(k) Plan includes a $6000 catch-up contribution for plan participants over the age of 50, which is not the case for a SEP IRA. A Solo 401(k) Plan can offer the owner Roth contributions, even in the case where the owner is otherwise not eligible to contribute to a Roth IRA due to the Roth's annual income limitation.
Considering the EPI research shows those between 55 and 64 tend to have around $10,000 set aside in retirement funds, super catch-up contributions could be massively useful for many of those workers.
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