SOLO 401(k) Plan - Advisors
If you are self-employed or a small business owner with no full-time employees, an Individual 401(k) plan, also known as a Solo 401(k), can be a powerful tool for retirement savings. However, it’s essential to understand the contribution rules and limits for 2024 to make the most of your plan.
Key Rules for Contributions
The total contributions to an Individual 401(k) cannot exceed the self-employment compensation earned by the plan participant. This rule ensures that your contributions align with your income and meet IRS regulations.
