The Self-Employed 401(K) Plan
- Topics:
- Accounting software
- Tags:
- 401(k),
- Retirement Plans,
- Limit,
- Human Resources,
- Free Trade,
- Financial Planning,
- Finance,
- Compensation,
- Certified Public Accountant,
- Benefits,
- ...
- Source:
- The CPA Journal
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Overview: The 2001 Tax Act (Economic Growth and Tax Relief Reconciliation Act) has made extensive changes to the rules relating to qualified retirement plans, most of which take effect in 2002. The new provisions include increased contribution and benefit limits, 401(k) elective deferral limits, deductibility limits, and compensation limits. Prior to the Act, self-employed individuals were able to receive larger deductible contributions from less complicated, lower-cost qualified plans such as profit-sharing and money purchase pension plans. Nevertheless, the Act enables self-employed individuals, as well as corporate owners, to receive larger deductible contributions under a profit-sharing/401(k) plan.
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Format: HTML | Date: Mar 2002 | Pages: 1
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