Understanding Solo 401(k) Plans

For self-employed individuals seeking to maximize their retirement savings while optimizing business deductions, the Solo 401(k) plan offers a powerful solution. A solo 401(k) often provides the highest savings potential for self-employed individuals. As the IRS refers to it as an "on-participant" plan, the Solo 401(k) provides a unique opportunity for owner-only employers to benefit from substantial contributions and tax advantages. In this online CPE course, we will cover the key aspects of the Solo 401(k), including eligibility criteria, contribution limits, and essential steps for maintaining a compliant plan. Major Topics Covered: Solo 401(k) Plans Background Establishing Plan Eligible Employers, Contribution Types and Limits Portability Plan Investments, Plan Loans, and Plan Maintenance Distributions; and Required Minimum Distribution Join this CE Tax Course we will provide insight into the type of employer that can establish the plan, the amount of contributions that can be made, and the steps necessary to run a compliant plan.