Individual 401(k) Plans

Individual 401(k) Plans

Contributions to the Individual 401(k) or Solo 401(k) are not allowed to be more than the self-employment compensation for the individual. Individual 401(k) plans are also referred to as Solo 401(k) plans.

2022 Individual 401(k) Limits

Employee Contribution: $20,500
Age 50+ Catch up: $6,500
Employer Profit Share Contribution: $40,500
2022 Total Contribution Limit = $67,500

2023 Individual 401(k) Limits

Employee Contribution: $22,500
Age 50+ Catch up: $7,500
Employer Profit Share Contribution: $43,500
2023 Total Contribution Limit = $73,500

Self-Employment Income Compensation Limits For 2022 And 2023

The maximum self-employment income compensation for Individual 401(k) contributions is $305,000 for calendar year 2022.
The maximum self-employment income compensation for Individual 401(k) contributions is $330,000 for calendar year 2022.