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Contribution Limits

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Contribution Limits 2019-01-03T11:20:25-05:00

IRS Contribution Limits for Retirement Plans

Solo 401(k) Contribution Limits

The maximum contribution for 2019 is $56,000. If you are older than 50 then there is an additional catch-up contribution of $6,000 to bring the total contribution limit to $62,000.

The actual contribution limit may be reduced dependent on income. If you are filing as a corporation, the limit is capped at 25% of your income or $19,000. ($18,500 in 2018.) (Investors 50 and older may add an additional $6,000.) If you are filing as a sole proprietor or single member LLC, the limit is capped at 20% of your income or $19,000. ($18,500 in 2018.)  (Here also investors 50 and older may add an additional $6,000.) In either case the number may not exceed the maximum limit ($56,000 – $62,000) as mentioned above.

The maximum contribution for 2018 was $55,000. If you are older than 50 then there is an additional catch-up contribution of $6,000 to bring the total contribution limit to $61,000.

Traditional IRA Contribution Limits

The maximum contribution for 2019 has been increased to $6,000. For investors older than 50, there is a catch-up rate with the maximum contribution coming in at $7,000.

The maximum contribution for 2018 was  $5,500, with a catch-up contribution rate of $6,500.

SEP IRA Contribution Limits

The maximum contribution for 2019 is $55,000.

The actual contribution limit is dependent upon income. For corporations, the contribution limit is set at 25% of income. For sole proprietors or single member LLC’s, the limit is capped at 20% of income.1

The maximum SEP IRA contribution for 2018 was also $55,000.

Sep IRA Contribution Limit Calculator.

Important note: The number you use for your annual income for sole proprietors or single member LLC’s must be reduced by the self employment tax deduction (Form 1040 line 27). In other words, first subtract the deduction from your income and then use the result for calculating your contribution limit.

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