Employee Contribution

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50
2020 $19,500 $26,000
2021 $19,500 $26,000

Total Contribution

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50
2020 $57,000 $63,500
2021 $58,000 $64,500

Key Features:

  • Employer non-elective contributions of up to 25% of compensation as defined by the plan
  • If an individual 401(k) plan has $250,000 or more in assets at the end of the year, it is generally required to file an annual report on Form 5500-SF.

Please visit www.IRS.gov – Individual 401k for more details.