Deadline for Solo 401k Profit Sharing Contributions
One of the unique advantages of a Solo 401k plan is the plan participant’s ability to contribute both as the employer and the employee of the business. Aside from salary deferral, plan owner can also make Solo 401k profit sharing contributions. Plan owners only need to make sure that their contributions stay within the limit as dictated by the Solo 401k rules.
Another rule to keep in mind is that all contributions have to be made by the contribution deadline to be counted for the tax year. What is the deadline for Solo 401k Profit Sharing Contributions? Watch this Solo 401k Quick Tip video to find out:
Deadline for Solo 401k Profit Sharing Contributions
The deadline to make Solo401k profit sharing contributions also depends on the type of the business. For sole-proprietorship, a partnership or an LLC, you can make profit sharing contributions until the personal tax filing deadline of April 15. You can also file for an extension until October 15. If your business is a Corporation, you have until the corporate tax filing deadline on March 15 to make profit sharing contribution. The corporate filing deadline can be extended to September 15.