IRA Financial Group, the leading facilitator of self-directed solo 401K Plans, announces the introduction of its newly designed online Solo 401(k) annual contribution calculator for the 2013 taxable year. The newly deigned online Solo 401(k) contribution calculator is a valuable tool that will allow an individual to calculate the maximum annual contribution to a solo 401K Plan, also known as an individual 401K Plan or self-directed 401K Plan for the 2013 taxable year. The free online contribution calculator tool will allow a Solo 401(k) Plan participant the ability to calculate their maximum annual 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 excited about offering our newly designed Solo 401(k) contribution calculator free of charge to better allow people to calculate their maximum annual solo 401(k) plan contributions, “ stated, Adam Bergman, a tax attorney with the IRA Financial Group. “The newly designed Solo 401(k) Plan calculator offers a new feature which 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, annually, stated, Mr. Bergman.
Unlike a self directed 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 2013 the total contribution limit for a Solo 401k is $51,000 or $56,500 if age 50 or older. The total allowable contribution limits are combined to get the maximum Solo 401k contribution limit.
Up to $17,500 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.