IRS maximum contribution for defined contribution plans allow only individuals and their employers to contribute more than ever a 401 (k) plan. In addition to being able to protect against a large portion of income taxes, 401 (k) loan programs have many features that we need the owners can cash out in time.
401 (k) contribution limits for 2008
Salary Elective Deferral Limit $ 15,500
Maximum Employer + employee DefinedContribution Plan Limit $ 46,000
Catch-up contribution limit to $ 5,000 Age 50 +
401 (k) contribution limits for 2009
Salary Elective Deferral Limit $ 16,500
Employer + employee defined benefit maximum $ 49,000
Catch-up contribution limit to $ 5,500 Age 50 +
Source: http://www.irs.gov/retirement/article/0,, id = 96461.00 html.
A 401 (k) plan offers big tax break to employees of the WHO to contribute, and no company is too smalla) a 401 (k. a small business or with the use of one spouse only to find employees can, for a person 401 (k) plan. These parts are independent with 1099 income, freelancers, sole proprietorships, partnerships, Limited Liability Company (LLC) or corporation.
The main advantages of a) 401 (k plan:
or high maximum contribution limit.
Contributions are tax deductible or and are based on compensation or earned income.
O Roth contributionsIncome after taxes on tax-free growth and withdrawals.
Funds or in a 401 k) grow (tax-deductible.
activities or can) k implemented other qualified plans or IRA into a 401 (.
o You can take a loan from a 401K (if the plan allowed) - up to the lesser of 50% or $ 50,000 of account balance.
A person A as a solo 401K 401K should be known by December 31, set to claim tax deductions for that tax year.
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