top of page

Contact Us (415) 350-5306

401k Plan If You're Self Employed Or Run A Small Business
Nov 29, 2021
1 min read
0
0
0

If you are self employed and contribute to a SEP-IRA retirement account , please read on.......
$58k is the annual SEP-IRA contribution limit for 2021. But the amount contributed can't be more than 20% of your net self employment income. For example, if your net is $100k, then your maximum SEP-IRA contribution would be $20k.
If you are in the position to contribute more than the 20% max, then you should consider a 401k. 401k Contribution limits are almost always more than SEP-IRA and not limited by 20%.
A 401k plan must be set up (not funded) before December 31.
If you need more information about these plans, let us know.
Related Posts
Comments
Share Your ThoughtsBe the first to write a comment.
bottom of page