Individual 401k or SEP IRA
In our opinion, self-employed individuals should select the Individual 401(k) over the SEP IRA since, in most situations, the prospective tax savings are bigger. It… Read More »Individual 401k or SEP IRA
Individual 401(k) contribution limits
In 2022 and 2023, the Individual 401(k) Contribution Limit is $61,000 and $66,000, respectively. For individuals who are 50 or older, a catch-up contribution is… Read More »Individual 401(k) contribution limits
Tax Benefits and Advantages
The great thing about an Individual 401(k) is you can take a tax-break today on all of your contributions, or use a Roth Individual 401(K)… Read More »Tax Benefits and Advantages
Individual 401(k) Loans
One of the great advantages of using an Individual 401(k) is that you are allowed to take out a loan from your plan in the… Read More »Individual 401(k) Loans
Covering your spouse under your Individual 401(k)
The IRS allows an exception to the no-employees rule when it comes to Individual 401(k)s and that is if you work with your spouse. If… Read More »Covering your spouse under your Individual 401(k)
How do I open an Individual 401(k)
You can open an Individual 401(k) at most online brokerage firms, though you’ll need an Employer Identification Number which you can get in real time… Read More »How do I open an Individual 401(k)