A press release explained that Solo 401ks were created for business owners that have no employees, such as sole proprietors or partners who have no common law employees.
For 2011, small business owners can contribute either pre-tax or Roth employee deferral contributions of up to $16,500. Individuals age 50 or older can make an additional $5,500 catch-up contribution. The combined employer and employee contributions cannot exceed $49,000 ($54,500 for individuals using the $5,500 age related catch-up contribution).
For more information, visit http://www.checkbookiraprep.com.
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