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 $55,500 for those age 50 or older).
You may be required to file a tax Form 5500EZ each year. The Online 401(k) can take care of this for you for an additional cost of $195. You can also file the form yourself (or have your CPA do it).
You’ll pay a flat fee of $185 per year for just yourself, and an additional $25 for a spouse or business partner. Get more on Single(k) pricing here.
Pre-tax or Roth (after-tax) contributions are made to the plan directly from your paycheck. Roth is an optional feature you may select at no extra cost.
Investment options are available through Charles Schwab, or through any custodian of your choice. For additional information about your options, contact a Single(k) specialist at singlek@theonline401k.com or 855.401.4357, Option 4.