CARLSBAD, Calif., Dec. 19, 2023 /PRNewswire/ — My Solo 401k Financial, the premier provider of self-directed 401(k) plans for self-employed individuals, announced today that its Solo 401(k) plans now qualify for up to $1,500 in tax credits under the SECURE Act.
“The auto-enrollment tax credit provides substantial incentives for self-employed individuals to open a Solo 401(k) or even upgrade an existing plan in order to be able to claim the credit,” said Mark Nolan, Founder and Chief Operating Officer of My Solo 401k Financial. “We are pleased to now offer Solo 401(k) plans eligible for this valuable tax credit to our clients.”
While there is no requirement to make annual solo 401(k) contributions to claim this valuable tax credit, those who do wish to make contributions have access to the generous annual contribution limits – for those who sign up by December 31, 2023, they will be able to contribute up to $66,000 for those under age 50 ($73,500 for those 50 and older) for the 2023 tax year any time up until their tax return deadline (including extension) in 2024.
The solo 401(k) plans from My Solo 401k Financial now qualify for the valuable auto-enrollment tax credit in addition to an already robust set of features:
- Pre-tax, Roth, and even Mega Backdoor Roth Solo 401k Contributions
- 401k Participant loans up to $50,000
- Alternative investments like real estate, private equity, private placements, notes, and precious metals among many others
“This provides even more compelling reasons for sole proprietors, independent contractors, freelancers, solopreneurs, and other small or single-employee businesses to establish a solo 401(k) plan,” said George Blower, Principal and General Counsel. “The tax advantages combined with the auto-enrollment credit provide significant incentives to encourage retirement savings.”
Eligible business owners can sign up for a new My Solo 401k Financial solo 401(k) plan – or amend an existing solo 401(k) plan – by December 31, 2023, and start claiming tax credits beginning in 2023.
For more information, visit https://www.mysolo401k.net/the-free-self-directed-solo-401k-government-tax-credit-eligbile-automatic-contribution-arrangement-eaca-under-secure-act-aka-auto-enrollment-tax-credit/.
About My Solo 401k Financial
My Solo 401k Financial is the premier provider of self-directed Solo 401k plans, empowering self-employed individuals to take control of their retirement funds. We place immense focus on educational support, including daily live Q&A calls hosted by our owners, a wealth of online resources such as videos, webinars, guides, and walkthroughs, as well as active forums featuring a community of over 27,000 self-directed retirement investors, entrepreneurs, and small business owners.
Contact: My Solo 401k Financial [email protected]
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SOURCE My Solo 401k Financial
