Contribution limits Solo(k)
I understand the contribution limit is around $60,000 yearly. However, how much can you start the account with?
#4 All Forums Contributor
- Investor
- Northern Virginia
@Anthony Freeman
That’s misleading
An individual has a limit and the company can contribute a percentage of the profits to the employees plan. So total between employee and company is around $60k but make sure to understand the differences between the two
Quote from @Chris Seveney:
@Anthony Freeman
That’s misleading
An individual has a limit and the company can contribute a percentage of the profits to the employees plan. So total between employee and company is around $60k but make sure to understand the differences between the two
Is there a limit to what you can start the account with?
#5 Medium-Term Rentals Contributor
- Investor
- Narragansett, RI
@Anthony Freeman As for starting the plan that probably depends on the company you use. I don't recall a government minimum.
Quote from @Colleen F.:
@Anthony Freeman As for starting the plan that probably depends on the company you use. I don't recall a government minimum.
Thank you.
#2 Tax, SDIRAs & Cost Segregation Contributor
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- Florida
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Quote from @Anthony Freeman:
I understand the contribution limit is around $60,000 yearly. However, how much can you start the account with?
It does not house much you can start with. This depends on how much income you have. What entity have you got? There are limits based on income or wages. The max is around 60k.
