Employee Contribution

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50
2021 $19,500 $26,000
2022 $20,500 $27,000

Total Contribution

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50
2021 $58,000 $64,500
2022 $61,000 $67,500

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, it is required to file an annual report on Form 5500-SF.
Learn More

Please visit https://www.irs.gov/retirement-plans/one-participant-401k-plans for more details.