Harvard Law Attorney George Blower reviews the deadline to make contributions to a Solo 401k plan. For more information, email us at business@mysolo401k.net or call us at (800) 489-7571….(read more)

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If you’re a self-employed individual or a small business owner, you may have heard about the Solo 401k plan. This retirement savings plan allows you to contribute to your retirement savings while also reducing your taxes. With the end of the year fast approaching, it’s important to know the 2019 Solo 401k contribution deadline.

The deadline for establishing a Solo 401k plan for the 2019 tax year is December 31st, 2019. However, you have until your personal tax-filing deadline (typically April 15th) to make your contributions for the 2019 tax year. This means that you have a few more months to make your contributions, even if you haven’t set up your Solo 401k plan yet.

For 2019, the maximum contribution limit for a Solo 401k plan is $56,000 for those under age 50, and $62,000 for those age 50 and over. This includes both employee and employer contributions. Employee contributions are limited to $19,000, while employer contributions can be up to 25% of your net income.

It’s important to keep in mind that if you have other retirement plans, such as a traditional IRA or a Roth IRA, your contributions to those plans may also affect your Solo 401k contribution limit. Be sure to consult with a financial advisor or tax professional to ensure you are staying within the contribution limits and maximizing your tax savings.

Making contributions to your Solo 401k plan can not only help you save for retirement but also reduce your tax burden for the year. The contributions you make to your Solo 401k plan are tax-deductible, which means that you can reduce your taxable income by the amount you contributed.

In conclusion, the 2019 Solo 401k contribution deadline is fast approaching, but you still have a few months to make your contributions. The maximum contribution limit for 2019 is $56,000 for those under age 50 and $62,000 for those age 50 and over. Make sure to consult with a financial expert to ensure you are maximizing your contributions and taking advantage of all tax savings opportunities available to you.