![]() Please see the " Maintaining Your Plan" section on this page for more information. 1 $0 commission for online US stock, ETF, and options trades.* †Īn IRS filing is required when you terminate your plan and in some cases on an annual basis. There is no opening cost, closing cost, or annual fee for Fidelity's self-employed 401(k). Required minimum distributions start at age 73.Ī wide range of mutual funds, stocks, bonds, ETFs, and more. 10% early withdrawal penalty applies if you are under age 59½ and taking a distribution. Participants cannot take withdrawals from the plan until a "triggering" event occurs, such as turning age 59½, disability, or death. Salary deferral catch-up limits are $6,5 and $7,5 (if age 50 or older). Total contributions cannot exceed $61,0 ($67,500 if age 50 or older and contributing the catch-up contribution amount) and $66,0 ($73,500 if age 50 or older and contributing the catch-up contribution amount). Employers may contribute up to 25% of compensation 2, up to the annual maximum of $61,0 and $66,0. Individuals may contribute up to $20,5 ($27,000 if age 50 or older) and $22,5 ($30,000 if age 50 or older). Learn more about the tax advantages of self-employed 401(k)sįunded by salary deferrals and employer contributions. Tax-deferred growth, tax-deductible contributions, and pre-tax deferral contributions. The owner's spouse may participate in the plan if they are a compensated employee of the business. Self-employed individuals with no employees and owner-only businesses.
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