The new Solo 401k utilizes an “open architecture” design crafted with Vanguard Funds, allowing investment in stocks, bonds, options, mutual funds, government and municipal securities, as well as money market funds and certificates of deposit. 401kBrokers.com said through the new offering, self-employed individuals will be able to deduct up to $44,000 per year from their taxable income and save or invest that amount tax deferred for retirement.
The amount available to be deducted goes even higher with a spouse or partner participating. In total, a couple can deduct up to $88,000 per year, 401kBrokers.com said.
This Solo 401k program is only available from 401kBrokers.com and has no start up costs. The firm said their new program comes with unlimited toll free phone and email support for the life of the plan.
The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 lifted many of the limits on the amount and deductibility of contributions for 401(k) plans. Prior to that, single-owner businesses were better off saving for retirement in other types of plans (SeeBlack Box: Solo “Flight”).
For more information,contact Craig Gillooly (800) 474-3826, or by email at info@401kBrokers.com .
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