351 | Year End Tax Planning 2021
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Is There a Limit on Solo Four One K?
There's some like cap on the total amount of money that can hit the pot. Can't this extend to an employee that is also, you know, a partner as well? Absolutely so. Yet, there are limits here, right? The overall limit for solo, four one k in 21 is 58 thousand dollars,. You have to make a good amount of income. No, it's not millions of dollars to get to that 58 thousand dollar limit. That is a very healthy limit for a retirement plan. O andand then that limit goes up to 64 thousand, 500 if you are 50 yoar older. And so when you're talking about that 58 thousand. That's all inclusive.
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