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Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Qualified Plans
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One-Person 401(k) Plan
If you're self-employed and have no employees, except for your spouse, you can set up a one-person 401(k) plan.
You're allowed to contribute more to a one-person 401(k) plan than you could to a Keogh plan.
For example, for 2011, elective deferrals of up to $16,500 ($17,000 for 2012) are permitted. If age 50 or over, an additional, catch-up contribution of $5,500 may be made for 2011 and 2012 to traditional and safe harbor 401(k) plans.
In addition to elective deferrals, a contribution of up to 20% of net earnings can be made to your account.
Overall Annual Contribution Limit
For 2011, annual additions to a participant's account cannot exceed the lesser of:
- 100% of the participant's compensation or
- $49,000 ($54,500 including catch-up contributions)
- (For 2012, $50,000, or $55,500 including catch-up contributions)
Next:
Roth Contribution Program: What is the Qualified Roth Contribution Program?
Related Links
- What Are Qualified Plans?
- Deducting Plan Contributions
- Who Can Set Up a Qualified Plan
- Professional Assistance
- Qualification Rule for Qualified Plans
- Qualified Plan Participation Rules
- Restrictions on Conditions of Participation in Qualified Plan
- Minimum Vesting Standard for Qualified Plans
- Two Kinds of qualified Plans
- Defined Contribution Plan
- Funding Requirement for Defined Contribution Plans
- Maximum Deductible Percentage for Contributions
- Defined Benefit Plan
- Funding Requirement for Defined Benefit Plans
- Annual Benefit Limit Under a Defined Benefit Plan
- 401(k) Plans
- SIMPLE 401(k) Plans
- Matching Contributions
- Nonelective Contributions
- Limit on Elective Deferrals
- Catch-Up Contributions for a 401(k) Plan
- Employee Compensation Limit
- Form W-2 Reporting for Elective Deferrals
- Automatic Enrollment in a 401(k) Plan
- Limits on Contributions and Benefits
- Contribution Restriction for Self-Employed Persons
- Figuring a Self-Employed Person's Deductible Contributions
- Special Computation for Self-Employed Persons
- Timing Deductible Contributions
- Promissory Notes
- Early Distributions From 401(k) Plans
- Qualified Reservist Early Distributions
- Reminders
- Master or Prototype Plans
- Individually Designed Qualified Plan
- Setting Up a Qualified Plan
- Credit for Small Employer Pension Plan Startup Costs
- Credit for Qualified Retirement Savings Contributions
- Funding Requirements for Defined Benefit Plans and Money-Purchase Plans
- Reporting Requirements for Qualified Plans
- Discrimination Tests
- Top-Heavy Plan Requirements
- Pension Benefits Guarantee Corporation
- Avoiding Inadequate Funding Problems For Defined Benefit Plans
- Bonding Requirement for Qualified Plans
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