IRA Financial Group Offers Fully Customized Online Solo 401(k) Contribution Calculator Tool for Year-End 401(k) Plan Contribution Calculations

Share Article

Solo 401(k) Plan Contribution calculator will assist individuals calculate their 2012 maximum solo 401(k) Plan annual tax contribution.

Self-Employed Individual - Solo 401K Plan

The free online Solo 401(k) Plan calculator will provide a detailed breakdown of the total amount of employee elective and profit sharing contributions that can be made to a Solo 401(k) Plan, for 2012

IRA Financial Group, the leading facilitator of self-directed solo 401K Plans, announces the offering of its free online Solo 401(k) contribution calculator. The online Solo 401(k) contribution calculator is a valuable tool that will allow a solo 401K plan participant to calculate the maximum annual contribution he or she can make to a solo 401K Plan, also known as an individual 401K Plan or self-directed 401K Plan. The free online contribution calculator tool will allow one to calculate the maximum Solo 401(k) contribution based on ones age as well as the type of entity they have (i.e. sole proprietorship, LLC, partnership, or corporation).

“We are pleased to be able to offer an in-depth online Solo 401(k) contribution calculator free for all individuals interested in determining their maximum annual solo 401(k) plan contributions,“ stated, Adam Bergman, a tax attorney with the IRA Financial Group. “The free online Solo 401(k) Plan calculator will provide a detailed breakdown of the total amount of employee elective and profit sharing contributions that can be made to a Solo 401(k) Plan, for 2012," stated, Mr. Bergman.

Unlike an IRA, a Solo 401k plan allows a plan participant to make high annual contributions to the Plan. The contributions can be in the form of pre-tax or Roth type contributions (after-tax).

The annual Solo 401k contribution consists of 2 parts, an employee salary deferral contribution and an employer profit sharing contribution. In 2012 the total contribution limit for a Solo 401k is $50,000 or $55,500 if age 50 or older. The total allowable contribution limits are combined to get the maximum Solo 401k contribution limit.

Up to $17,000 per year can be contributed by the participant through employee elective deferrals. An additional $5,500 can be contributed for persons over age 50. These contributions can be up to 100% of the participant's self-employment compensation.

Through the role of employer, an additional contribution can be made to the plan in an amount up to 25% of the participant's self- employment compensation (20% if you are a Sole Proprietor or a Schedule C Tax Payer).

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market's leading checkbook control Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Jaclyn Baily
Visit website