Individual 401(k) Plan

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Definition: Individual 401(k) Plan

Individual 401(k) Plan
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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).

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https://payrollheaven.com/define/individual-401k-plan/
Modern Language Association (MLA):
Individual 401(k) Plan. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 19, 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: December 19, 2024).
American Psychological Association (APA):
Individual 401(k) Plan. PayrollHeaven.com. Retrieved December 19, 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.