Solo 401 k Deadline for Salary Deferral Contributions
With a Solo 401k plan, a plan participant can make two types of contributions: elective deferral and profit sharing contributions.These two types of contributions add up to one of the most generous contribution limits among qualified retirement plans. In 2015, the salary deferral contribution for each participant can be as much as $18,000 a year.
What many plan owners do not know is that the Solo 401 k deadline for contribution is not at the end of the year. In this Solo 401k Quick Tip video, we will take a look a the deadline for salary deferral contributions with a Solo 401k:
Solo 401 k Deadline for Salary Deferral Contributions
The contribution deadline depends on the type of businesses you are operating. If your business is a sole proprietorship, partnership or single-member LLC, you can make salary deferral contributions to your Solo401k until the personal tax filing deadline on April 15. You can file for an extension to push the date back to October 15. If your business is a corporation, you have to make salary deferral contributions within 7 days of the period in which you are paying yourself.