Individual 401(k) Plan

Business, Legal & Accounting Glossary

  1. Home
  2. Glossary
  3. Define: Individual 401(k) Plan

Definition: Individual 401(k) Plan

Individual 401(k) Plan
Cite Term
Sources

Full Definition of Individual 401(k) Plan

A tax-qualified retirement plan designed for self-employed individuals based on the same parameters and requirements of a group 401(k) plan. Business owners who have no other eligible employees may contribute up to 25% of their total compensation in the profit-sharing portion of the plan in addition to their elective deferral of up to $15,500 in 2011 ($20,500 at age 50 or older). Also called Solo 401(k).

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/individual-401k-plan/
Modern Language Association (MLA):
Individual 401(k) Plan. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
October 18, 2024 https://payrollheaven.com/define/individual-401k-plan/.
Chicago Manual of Style (CMS):
Individual 401(k) Plan. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/individual-401k-plan/ (accessed: October 18, 2024).
American Psychological Association (APA):
Individual 401(k) Plan. PayrollHeaven.com. Retrieved October 18, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/individual-401k-plan/

Definition Sources

Definitions for Individual 401(k) Plan are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.