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Exclusive K
Old 11-03-2015, 05:03 AM   #1
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Exclusive K

Who's heard of, or utilized an "Exclusive K" which is a form of a Roth 401K for the self employed. I don't know much about it but on the bottom line it appears similar to a SEP IRA in terms of the percentage amount, either 20 or 25% of your AGI that you can put away. BOTH appear to be tax deferred accounts. I was trying to put more money into my self-employed retirement account besides my SEP but the Exclusive K doesn't appear to foot that bill.

Is my information correct or am I missing something in this? I consulted my CPA and he hadn't heard of an Exclusive K. I received the original information from my financial planner and I Googled it also.
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Old 11-03-2015, 05:30 AM   #2
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Quote:
Originally Posted by ferco View Post
Who's heard of, or utilized an "Exclusive K" which is a form of a Roth 401K for the self employed. I don't know much about it but on the bottom line it appears similar to a SEP IRA in terms of the percentage amount, either 20 or 25% of your AGI that you can put away. BOTH appear to be tax deferred accounts. I was trying to put more money into my self-employed retirement account besides my SEP but the Exclusive K doesn't appear to foot that bill. Is my information correct or am I missing something in this? I consulted my CPA and he hadn't heard of an Exclusive K. I received the original information from my financial planner and I Googled it also.
Are you referring to a Solo 401K? I have had a solo 401K for years as a self employed person. Between the max contribution allowed for individuals and the profit sharing component which is up to 25% of salary, with an annual cap including catch up provisions for those over 55, one can squirrel away up to $53,000 in 2015. This max would include all of your retirement plans e.g. SEP's. I use T Rowe price to administer mine at no cost.
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Old 11-03-2015, 05:56 AM   #3
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Yes, a solo 401k is common and very useful. I had one at Fidelity. Very easy to set up and fund. The "exclusive" name is unfamiliar to me, but probably just another term for it.
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Old 11-03-2015, 04:25 PM   #4
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Looks like a brand of Solo 401k:

"What sets one plan apart from another are the fees and the products offered within each. For example, Waddell & Reed’s single-participant 401(k) plan, called the Exclusive K, requires no installation or setup fees but does charge an annual $15 custodial fee. “Participants can choose from 24 different mutual funds. You can have 1 fund or 15 funds and can mix and match,” says Deborah Zipp, assistant vice-president of retirement-plan-sales management for Waddell & Reed, a financial services firm based in Shawnee Mission, Kansas. - See more at: http://www.journalofaccountancy.com/issues/2003/mar/thesingleparticipant401k.html#sthash.t9xOnlFP.dpuf "

The Single-Participant 401(k)


I have both a Solo 401k and a Solo Roth 401k. The Roth's are a little harder to find.
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