Due to Increased Contribution Limitations, IRA Financial Group Expects Strong Growth in 2012 for Solo 401(k) Plans

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In 2012, the maximum solo 401(k) plan contribution limitation will increase to $50,000 and $55,500 for plan participants over the age of 50.

Self-Employed Individual - Solo 401K Plan

“IRA Financial Group’s Solo 401K plan is easy to establish and requires very little administration,“ stated Mr. Bergman.

IRA Financial group, the leading facilitator of Solo 401(k) Plans, expects string demand for Solo 401(k) plans in 2012 due to the increased annual contributions limitations.

In 2012, the maximum solo 401k plan contribution limitation will increase to $50,000 and $55,500 for plan participants over the age of 50.

For 2011, an individual under the age of 50 years old is eligible to make a maximum contribution into a solo 401K plan in the amount of $49,000. The amount is increased to $54,500 in the case of an individual over the age of 50.

In 2012, the maximum solo 401(k) plan contribution limitation will increase to $50,000 and $55,500 for plan participants over the age of 50.

Under the 2012 new Solo 401k contribution rules, a plan participant under the age of 50 can make a maximum employee deferral contribution in the amount of $17,000. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $50,000, an increase of $1,000 from 2011.

For plan participants over the age of 50, an individual can make a maximum employee deferral contribution in the amount of $22,500. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $55,500, an increase of $1,000 from 2011.

“Establishing a solo 401(k) plans offers a number of attractive tax, retirement, and investment advantages for the self-employed,” stated Adam Bergman, a tax attorney with the IRA Financial Group. “IRA Financial Group’s Solo 401K plan is easy to establish and requires very little administration,“ stated Mr. Bergman.

IRA Financial Group will take care of setting up the entire Solo 401k Plan. The whole process can be handled by phone, email, fax, or mail and typically takes between 2-10 days to complete. Our 401k experts and tax and ERISA attorneys are on site greatly reducing the set-up time and cost. Most importantly, each client of the IRA Financial Group is assigned a tax attorney to help with the establishment of the Solo 401k Plan.

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.

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Jaclyn Baily
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