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Self employed...employee contribution
12-25-2005, 01:12 PM
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#1
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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Self employed...employee contribution
For 2006 my income will come soley from self employment. I've been reading about the new Roth 401 and somewhere it mentioned that the employer contribution would be put in a regular 401k. Does anyone know if there is a % or $ limit on the amount the employer is allowed to contribute to an employees 401k which in my case would both be me.
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Re: Self employed...employee contribution
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12-26-2005, 06:32 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Sep 2002
Posts: 1,178
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Re: Self employed...employee contribution
You can check out www.401khelpcenter.com. They have a section on it.
JDW
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Re: Self employed...employee contribution
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12-26-2005, 06:48 PM
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#3
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Self employed...employee contribution
You can set up a solo 401(k) if you are self employed. For 2005, if you are under 50, the maximum contribution is $42,000, or your total income, whichever is less. You can design a plan that allows all or part of the contributions you make be ROTH contributions, if you want.
The IRS publication for setting up retirement plans for small businesses is at http://www.irs.gov/publications/p560/index.html
I like the web site JDW posted for 401(k) information. It also provides links to possible providers.
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Self employed...employee contribution
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12-26-2005, 07:32 PM
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#4
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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Re: Self employed...employee contribution
Thanks for the links.
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
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Re: Self employed...employee contribution
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12-26-2005, 10:04 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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Re: Self employed...employee contribution
42 k/yr is sweet! cant beat that
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Re: Self employed...employee contribution
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12-27-2005, 08:43 AM
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#6
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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Re: Self employed...employee contribution
 Quote:
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42 k/yr is sweet! cant beat that
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And that is not including the employer match either!
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
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Re: Self employed...employee contribution
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12-27-2005, 09:07 AM
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#7
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Self employed...employee contribution
The 42,000 is maximum for everything--employee and employer contributions.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Self employed...employee contribution
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12-27-2005, 12:49 PM
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#8
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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Re: Self employed...employee contribution
Quote:
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The 42,000 is maximum for everything--employee and employer contributions.
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Ahh man 
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
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