Solo 401k Contribution Calculator

Solo 401k Contribution Calculator allows you to calculate the maximum amount you can contribute to your plan. Click on the link below, enter requested info below and click the “Submit” button to see your results. A PDF document will be generated with the option for you to save or print it.  It is very important that you select the correct business type; please note that Sole-Proprietor is selected by default (if your business is a single member LLC, select the Sole-Proprietor type).

Solo 401k Contribution Calculator: What is the maximum amount you can contribute?

The most convenient calculator is offered by 401K Help Center: 

http://www.401khelpcenter.com/401k/pension_online_solok_calculator.html

For an alternative calculator click HERE.

These calculators are for informational purposes only and do not constitute, and should not be construed as, professional, legal or tax advice. Do NOT rely on the results from this calculator to make financial decisions. The results are merely an estimate. Situations vary and the tax laws change regularly. You should contact your tax or legal advisor for advice regarding your situation.

Solo 401k Plan Contribution Limits

Solo 401k plan contributions are comprised of two components:  

  • On the employee side – an employee salary elective deferral
  • On the employer or business owner side – an employer profit-sharing component

 

The maximum contribution limit for 2020 is $57,000.

Those who are over 50 years of age are able to take advantage of an extra $6,500 catch-up contribution, which increases their maximum to $63,500.

Salary Deferral

As the only employee of the business, the plan participant can make salary deferral contributions of up to $19,500 per year ($26,000 for those over age 50).

Profit Sharing

The profit-sharing component of a Solo 401k plan contribution is determined by the type of business and is a percentage of the net business income or compensation.

For example, the business can make a 20% contribution to the plan if the business is set up as a single member LLC or sole proprietorship.  If the business is set up as a corporation or multi-member LLC, the profit-sharing component of the contribution is 25%.

The maximum contribution limit for 2020 is $57,000.

Those who are over 50 years of age are able to take advantage of an extra $6,500 catch-up contribution, which increases their maximum to $63,500.

This Solo 401k Contribution Calculator allows you to accurately estimate your contributions. Be sure to bookmark this page for future reference.

Alternate investment options you get with a Self Directed Solo 401k:

Real Estate

Precious Metals

Private Business

Stock & Funds

Private Lending

Tax Deeds/Liens

Financial Concepts that Make Sense!

Greater Flexibility. Investment Freedom. Hassle-Free Management.

Our expert team is always ready to answer you! Give us a call at (949) 228-9394. You can email us at contact@sensefinancial.com