The IRS recently announced the 2021 contribution limit adjustments for retirement plans!
As far as Self-Directed Solo 401(k)s go, the salary deferral limit and catch-up contribution amounts will remain the same as 2020: $19,500 and $6,500, respectively. The combined limit, however, was increased from $57,000 in 2020 to $58,000 in 2021, so the profit-sharing portion can be increased by $1,000!
Please find the complete announcement outlining all retirement plan adjustments in this Notice 2020-79.
Want to learn more about Self-Directed Solo 401(k)s? Take our course on Udemy by clicking here.
Comments