You can put away up to $17,000 per year in individual tax-deferred contributions (or $22,500 for those age 50 or older). Although it’s not required, employers do have the option to make a profit-sharing contribution for a total maximum contribution of $50,000 per individual (or $54,500 for those age 50 or older).
The Online 401(k) handles all of the necessary plan documentation, compliance testing and mandatory IRS form-filing requirements for you (additional fees may apply). This includes Forms 1099 and 5500 that must be filed for tax purposes.
Because Custom(k) is a 401(k) plan customized specifically for your business, your pricing will vary based on your needs. Learn more about Custom(k) pricing here.
Pre-tax contributions are made to the plan directly from your paycheck.
There is also a Roth option available, which would allow for after-tax contributions. Whether or not your plan allows for Roth contributions is determined by you at the time that your plan is set up.
We work with multiple third-party investment experts who handle the selection of fund options for your plan, so you don???t have to. Learn more about Custom(k) investment options here.