Traditional IRA to Roth IRA conversion: Involves converting funds from a traditional IRA to a Roth IRA which can . However, remember that your annual maximum contribution limit applies to your total contributions across all your 401(k) accounts. Accounting for exemptions, this works out to be about 20% of earnings for self-employed individuals, as calculated using IRS Publication 560. The maximum SEP IRA contribution is the lesser of 25% of adjusted net earnings or $61,000 for 2022 ($66,000 for 2023). Withdrawals after age 59 are taxed as ordinary income. Most importantly, SEP IRAs offer more generous tax breaks than personal IRAs. Thats more than double what the same worker could contribute to a SEP IRA. If you need to take money from a SEP IRA before age 59 , however, you may pay an early withdrawal penalty and owe income tax on the withdrawal. The IRA limit remains at $6,500 and the 401(k) limit is up to $22,500. The Final Word on Solo 401 (k) Contributions If you're self-employed, a Solo 401 (k) may be a great solution to your retirement savings account needs. this post may contain references to products from our partners. Just like other 401(k) plans, solo 401(k)s have annual contribution limits. Both offer professionally managed portfolios and automatic rebalancing without added investment management fees. Most major brokerages offer step-by-step instructions on their websites. Thats a big deal for any business owner. Roth IRA vs. traditional IRA: Which is better for you? Heres the tricky part: Since the solo 401(k) owner acts as both employer and employee, both types of contributions can be madeand that means most workers can contribute more and receive a higher tax break. Which retirement plan is right for you and your needs? Charles Schwab and Fidelity Investments are two excellent providers of a solo 401(k), and they dont charge a fee to set it up, nor do they charge an ongoing maintenance fee. In comparison, a SEP IRA is available only in a pre-tax version and participants can contribute up to 25 percent of their salary up to $66,000 annually much higher than typical employer plans. What are index funds and how do they work? Unlike typical 401(k) plans, the SEP IRA does not allow for catch-up contributions, and it does not come in a Roth (after-tax) version. With the exception of a spouse who works in your business, the solo 401(k) will not work for a business with employees. In some cases, the tax deduction for a SEP IRA can be nearly 10 times that of an IRA. In comparison, a SEP IRA is available only in a pre-tax version and participants can contribute up to 25 percent of their salary up to $66,000 annually much higher than typical employer plans. The SIMPLE IRA contribution limit is $15,500 for 2023, with a catch-up contribution limit of $3,500. So its possible you could potentially save more for retirement with a solo 401(k), depending on your age and earnings. Here are three key differences between the two plans: Despite similar limits on annual contributions, the solo 401(k) can help you save more quickly. But thats not the only reason to pick a solo 401(k). The solo 401(k) and SEP IRA are plans that can help fill this gap, helping small businesses provide for their workers. Social Security's Trust Funds Could Run Out Sooner Than Expected. While we adhere to strict If youre contributing to multiple 401(k) plans say through your main employer and then your own business your employee contributions for all plans top out at the annual maximum. For example, the solo 401(k) operates much like the employer-sponsored 401(k) that millions of Americans already have. Those over age 50 can make a catch-up contribution of an additional $7,500 (in 2023), as is typical for other employer-sponsored plans. Principal writer, investing and wealth management, Get in contact with James Royal via Email. So if you're really looking to save for your retirement big-time, a solo 401 (k) might be your best bet. But the business owner has greater control over what percentage they contribute in any given year, ranging from 0% to 25%. If youre looking for the attractive tax-free growth of a Roth plan, your only option (apart from a Roth IRA) is the solo 401(k). This calculation reflects on your earned income, or means your net earnings from self-employment after deducting one-half of your self-employment tax and contributions for yourself. You might be using an unsupported or outdated browser. Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (Sofi Securities). Our experts have been helping you master your money for over four decades. ($19,500 for 2021 ($20,500 for 2022)for employee contributions), Available, $6,500 per year for 2021 ($6,500 for 2022) if age 50 and over. Something went wrong. If you work outside traditional employment, there are retirement plans for you. Unlike other plans, employees can't defer their salary to make contributions to a SEP-IRA. Brian Beers is the managing editor for the Wealth team at Bankrate. And switching from a solo 401(k) to an SEP IRA at some future date can be a big hassle, Henry warns. Importantly, contributions from a SEP for each employee must be the same percentage of compensation for each employee. Advisory services offered through SoFi Wealth, LLC. This 401(k) feature is especially valuable if youre working a side gig in addition to your primary job and you can set aside cash at a higher rate. However, the solo 401(k) allows the owner to make extra contributions as an employer, and of course, its available to only one-person companies, except for companies that employ a spouse. In contrast, the SEP IRA restricts you to the rules of a traditional IRA, even if the annual maximum contribution is much higher than that individual plan. While its contribution limit is higher, the SEP IRA is subject to the same investment, distribution and rollover rules as a traditional IRA, including rules on early withdrawals (which lead to a 10 percent penalty tax, and required minimum distributions by age 73). Lesser of 25% of the employees compensation or $58,000 and $61,000 in 2022. Individuals who own a small business as a side gig. In 2023, single filers can earn 6.25% more than they did in 2022 and still contribute to a Roth IRA. The term pension in this case is a bit archaica SEP IRA is not a defined benefit plan. You can set up your solo 401(k) to make contributions on a pre-tax basis like a traditional 401(k). Solo 401(k) vs SEP IRA. When you withdraw it, youll pay taxes on the distributions, as you would for a traditional IRA. As an employer, you can contribute up to 25% of your compensation in 2022. For example, if you hire new employees in the future, you'd need to upgrade a solo 401(k) plan to a small business plan, which can be much more costly. 2) Active InvestingThe Active Investing platform is owned by SoFi Securities LLC. The SEP IRA is easy to set up, and many brokers offer it, including Schwab, Fidelity and Merrill Edge. The solo 401(k) and SEP IRA are plans that can help fill this gap, helping small businesses provide for their workers. Sometimes, that content may include information about products, features, or services that SoFi does not provide. the key differences between these two 401(k) plans, Logging Into Zoom at the Beach Could Land You a Tax Bill, Beijing may allow foreign financial firms to list in China - ex-finance minister, Texas Court Ruling Casts Uncertainty Over 21 Blackout Costs, China cuts reserve ratio given domestic pressures, overseas risks - state media, Sam Bankman-Fried, U.S. prosecutors near new bail agreement. So this plan can be particularly advantageous for the self-employed. At Guideline, our SEP IRAs and 401(k) plans are two distinct products, but they share a similar structure. Think of the solo 401(k) as a 401(k) just for yourself or you and a spouse, if youre the only two employed in your business. *Contribution limits for married filing jointly are per person. Unlike typical 401(k) plans, the SEP IRA does not allow for catch-up contributions, and it does not come in a Roth (after-tax) version. This content is for informational purposes only and is not intended to be construed as tax advice. In fact, you have to make more than $244,000 per year in order to maximize annual savings in a SEP IRA. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Your adjusted gross income, including your self-employment income and other income, is under the Roth IRA income limits. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Eligibility, vesting, matching, new comparability or flat dollar profit sharing allocations, plan loans, exclusions etc. In 2022, 100% of W-2 earnings up to the maximum of $20,500 and $27,000 if age 50 or older can be contributed to a Solo 401k (2021 limits are $19,500 and $26,000 if age 50 or older). 1. Employee contribution limits. SEPs are tax-deferred retirement plans that are created by employers. Bankrate follows a strict editorial policy, SEP IRAs Have a Higher Contribution Limit vs. 401 (k)s. The contribution limits for SEP IRAs are currently more than double that of 401 (k) accounts, making SEP IRAs a better option for small business owners who want to direct more money into retirement investments. Employers are not required to contribute every year and can decide each year how much theyd like to contribute. Still not 100% sure? You have two excellent options: SEP IRAs and solo 401(k) plans. We maintain a firewall between our advertisers and our editorial team. Employer only (or self employment income). Doing so requires a nondeductible contribution to a traditional IRA and then a conversion to a Roth IRA. Comprehensive management of employer-sponsored retirement accounts, including 401k and 403b. We are an independent, advertising-supported comparison service. It can provide the benefits of a typical 401(k) plan: tax breaks, tax-deferred growth, tax-free growth if you opt for a solo Roth 401(k) and you can actually score some bonus perks, too, allowing you to stash even more cash in your plan. Just 28 percent of businesses with fewer than 10 employees have a retirement plan, according to data from SCORE, a non-profit advisor to small businesses. First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Most notable are required minimum distributions and taxes on early withdrawals. 1) Automated InvestingThe Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (Sofi Wealth). On the application for a custodial IRA, the brokerage will typically ask for specific information, including: Contact information (e.g., your phone number, email address, and mailing address) Personal information about yourself, including your name, date of birth, and Social Security number. 2. They also have higher contribution limits: $61,000 for 2022 and $65,000 in 2023, which is split between employee and employer contributions as follows. A solo 401(k) covers only a self-employed individual and their spouse (if they also work in the business), but a SEP can be expanded to all employees. Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. It can provide the benefits of a typical 401(k) plan: tax breaks, tax-deferred growth, tax-free growth if you opt for a solo Roth 401(k) and you can actually score some bonus perks, too, allowing you to stash even more cash in your plan. Another key difference between a solo 401 (k) or a SEP IRA is that catch-contributions are not allowed. SEP IRAs are easy to establish and maintain. Solo 401(k)s also offer catch-up contributions for people 50 and older as well as a Roth option, which lets you pay income tax now in exchange for tax-free withdrawals in retirement. If you don't pay yourself a salary, your compensation is adjusted for the employer half of self-employment tax and contributions for yourself. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Step 2: Complete the Application. For 2023, the maximum amount employers can contribute to a SEP IRA is the lesser of 25% of the employee's compensation or $66,000 ($61,000 in 2022). Youll avoid taxes on contributions, and be taxed only when you withdraw money in retirement. But the solo 401(k) does allow you to make employer contributions, meaning you can save more. With catch-up contributions, these limits are $67,500 in 2022 and $73,500 in 2023. Which is better: the SEP IRA vs Solo 401 (k) All else equal, an Individual 401 (k) usually provides a greater contribution opportunity. Employees over age 50 can contribute an additional $3,500. And youll be able to add more to the plan. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Terms and Conditions Apply. A Solo 401(k) is sometimes considered the most sought-after account. The plan may also be referred to as an individual 401(k), i401(k) or a one-participant 401(k). You may also pay higher maintenance fees to keep the plan open compared to a SEP IRA. Solo 401k contribution calculation for an S or C corporation or an LLC taxed as a corporation. Bob Sullivan is a Peabody-award winning journalist and the author of five books, including New York Times Best-Sellers, Gotcha Capitalism and Stop Getting Ripped Off! You can always change things in the future if circumstances change. If youre ready to start saving for the future, one way to get started is by opening a brokerage account on the SoFi Invest investment platform. Its also important to consider whether you need to give some thought to retirement planning for employees. But this compensation does not influence the information we publish, or the reviews that you see on this site. The highlight of the self-employed 401 (k) is the ability to contribute to the plan in two ways. Of that total contribution, in 2022, $20,500 would be the salary deferral as an employee while $18,587 would be a profit sharing contribution as an employer. If you want to invest in the alternative space, you can do that in a solo 401(k)like cryptocurrencies, life insurance, metals, he says. Both allow individuals to sock away a lot of money for retirement, but there are a few subtle differences the self-employed need to consider. A Solo 401 (k) recognizes independent contractors as a business wearing the hat of both employer and employee. When Can I Retire? And both are easy to set up, easy to manage and easy to get support when neededall for a low monthly fee. Video Slides: 2022 & 2023 Self-Directed Solo 401k Contribution Limits and Types. Solo 401(k) loans follow the same rules as traditional 401(k) loans. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. If youre self-employed and thinking about opening a retirement plan, first off, congratulations! The same limits on contributions made to employees' SEP-IRAs also apply to contributions made to a self-employed individual's SEP-IRA. Unlike SEP IRAs, people age 50 and older can. Plus, the solo 401(k) offers an attractive Roth option, a non-starter in the SEP IRA. Answer some questions to get offerswith no impact to your credit score. For example, the solo 401(k) operates much like the employer-sponsored 401(k) that millions of Americans already have. We develop content that covers a variety of financial topics. The solo 401(k) also allows you to make contributions on an after-tax basis, as well as a pre-tax basis. Individual 401 (k) Contribution Comparison. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. What you can invest in through a solo 401(k) plan may be different from what a SEP IRA offers, which can affect how you grow wealth for retirement. Our editorial team does not receive direct compensation from our advertisers. The solo 401(k) can come in traditional and Roth versions along with their various tax benefits and has the same annual employee contribution limit as a company 401(k). The solo 401(k) allows you to save at a much faster rate in the account, though its viable only for single-person businesses (or with a spouse). For 2022. An interesting advantage of a solo 401(k) is that it's a 401(k) account and not an IRA. At Bankrate we strive to help you make smarter financial decisions. Contributions to a SEP IRA are generally 100% tax deductible and investment earnings in a SEP IRA grow taxed deferred. SEP IRAs, however, allow a higher annual contribution limit than a regular IRA. The SEP IRA is easy to set up, and many brokers offer it, including Schwab, Fidelity and Merrill Edge. you can make contributions for a given year until April 15 of the following year), Flexible allocation method for profit sharing. The SEP IRA contribution limits have changed in the last few years. This plan enables you (and your spouse if he or she works for you) higher contribution limits. Money going into the plan is tax-deductible and can grow tax-deferred until retirement. Since youre also the employer, youre able to make an employer contribution to the account, as much as 25 percent of the businesss income, up to a total account value of $66,000 (for 2023). His work has been cited by CNBC, the Washington Post, The New York Times and more. Unlike employees of larger companies who often have access to employer-sponsored retirement plans, business owners are responsible for creating and funding their own retirement accou. They offer the benefits of both a SEP (Simplified Employee Pension) and a ROTH IRA (Individual retirement [] Use Personal Capital's Retirement Planner to calculate how much you would need to save for your retirement. You will get a contribution comparison between a Solo 401(k), SIMPLE, and SEP IRA. An annual non-elective contribution of 2% of each eligible employee's compensation. Employer contribution limits: Both SEP IRAs and Solo 401(k)s allow you to contribute up to 20% of your compensation as the employer. In the $100,000 example above, our hypothetical under-50 worker with $100,000 in annual net profit could make a total contribution of up to $39,087. On top of the contribution limit, self-employed individuals can contribute up to 25% of their compensation as a profit-sharing contribution from the business into the 401(k) account. Its also helpful to think about what kind of investment options you might prefer. A SEP IRA may be a better option than a solo 401(k) for some entrepreneurs. This remains the same as the 2020 contribution limit. With similar annual contribution limits, the solo 401(k) and SEP IRA might seem similar, but the 401(k) may be the better option for single freelancers. Another way to look at this is by thinking about the type of features that are most important to you. This 401(k) feature is especially valuable if youre working a side gig in addition to your primary job and you can set aside cash at a higher rate. editorial policy, so you can trust that our content is honest and accurate. The IRS offers a rate table you can use to calculate your contributions. Solo 401 (k) Eligibility and Contribution Limits The solo 401 (k) annual contribution maximum in 2022 is $61,000 and $66,000 in 2023. Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. That doesnt include an additional $6,500 allowed for catch-up contributions if youre 50 or older. Business owners can share business profits with family, while saving for retirement and getting a tax deduction in the process. Self-employment has its perks but an employer-sponsored retirement plan isnt one of them. Retirement plan account owners can delay taking their RMDs until the year in which they retire, unless they're a 5% owner of the business sponsoring the plan. The Fidelity Advisor SEP IRA has a minimal annual account maintenance fee of $15. The SEP IRA takes the idea of the traditional IRA and stretches it to fit the needs of freelancers, business owners and others who have employees. Information provided on Forbes Advisor is for educational purposes only. You can set up either type of account if you operate as a sole proprietorship and have no employees. A solo 401(k) or one-participant 401(k) plan is a traditional 401(k) that covers a business owner who has no employees or employs only their spouse. Home equity line of credit (HELOC) calculator. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. The solo 401(k) will typically allow them to contribute more to their retirement savings and offers greater flexibility for optimizing taxes both in the present and in retirement. Employee deferrals are 100% elective. There are no catch-up contributions. As an employee, you can contribute up to a limit of $20,500. If youre contributing to multiple 401(k) plans say through your main employer and then your own business your employee contributions for all plans top out at the annual maximum. Stock Advisor list price is $199 per year. Eligibility requirements are fairly straightforward: Anyone who generates net profits from a sole proprietorship, LLC or other business organization can open a solo 401(k) as long as they have no employees aside from their spouse. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. If theres a serious snag with the SEP IRA, however, its that you must treat everyone in the program the same. Learn more. (www.nmlsconsumeraccess.org). Making the world smarter, happier, and richer. With a Solo 401(k), depending on your salary and age, you can contribute $61,000 per year or $67,500 for those 50 or older in 2022. . It also offers catch-up contributions, too. Unlike a traditional 401(k) that allows elective deferrals, your employees wouldnt be able to add money to their SEP IRA through paycheck deductions. You should consult a tax professional to determine what types of tax deductions you are eligible to claim. If the same worker were 50 or older, they could add $6,500 on to that total. SEP IRA contribution limits. For 2023, up to $15,500, not to exceed 100% of compensation. Learn more SEP IRA A formal written agreement is required, known as IRS Form 5305-SEP, but the brokerage will usually take care of that. The solo 401(k) and SEP IRA are plans that can help fill this gap, helping small businesses provide for their workers. Additional terms and conditions may apply. Here's What That Means for You, This Is My Favorite Retirement Account -- and It's Technically Not Even a Retirement Account, 3 Ways to Save on Taxes While Collecting Social Security, February's Inflation Numbers Could Spell Bad News for Your Upcoming Social Security COLA, 3 ETFs That Can Supercharge Your Retirement Savings, Made a Retirement Account Withdrawal? Under SEP IRA rules, for instance, neither employee nor catch-up contributions are allowed. For a self-employed person to max out their SEP IRA contribution limit in 2023, they'd need to earn $330,000 and contribute 20% of their net income, or $66,000. The SEP-IRA allows individuals to save up to 25% of their income into the account. Its important to note that contribution limit is across all workplace retirement plans, so if you have another job that offers a retirement plan, make sure your salary deferrals do not exceed the annual contribution limit. Youre self-employed and thinking about opening a retirement plan is tax-deductible and can grow until... $ 3,500 answer some questions to get offerswith no impact to your total contributions across all your (! A catch-up contribution limit applies to your credit score and employee rules as traditional 401 k... $ 199 per year in order to maximize annual savings in a SEP IRA grow taxed deferred more! Limit is $ 15,500, not to exceed 100 % of each eligible &... But thats not the only reason to pick a solo 401 ( k accounts. Annual savings sep ira vs solo 401k contribution limits a SEP IRA is easy to set up your solo 401 ( )! A nondeductible contribution to a Roth IRA a variety of financial topics consumers... For over four decades already have on early withdrawals that you see on this site about opening a plan... Consult a tax professional to determine what Types of tax deductions you are eligible to.! Created by employers age 59 are taxed as ordinary income are created by employers our SEP IRAs and 401! But this compensation does not receive direct compensation from our advertisers and our editorial does. Use to calculate your contributions funds and how do they work you do n't pay yourself salary... With catch-up contributions if youre self-employed and thinking about opening a retirement plan, first off congratulations. Matching, new comparability or flat dollar profit sharing also important to you offer professionally managed portfolios and rebalancing! Allows you to make contributions for a given year until April 15 of the employees compensation or $ and. Our award-winning editors and reporters create honest and accurate self-employed 401 ( k ) plans are two distinct,. Compensation is adjusted for the Wealth team at Bankrate ) accounts the advice! 61,000 in 2022 options: SEP IRAs offer more generous tax sep ira vs solo 401k contribution limits than personal IRAs allocations, plan,. Adjusted gross income, including 401k and 403b tax and contributions for yourself save up to 25 % deductible... Could add $ 6,500 on to that total of Americans already have hat! May also pay higher maintenance fees to keep the plan is tax-deductible and can each! Save up to a limit of $ 3,500 compensation in 2022 and contribute., you have to make contributions on a pre-tax basis like a traditional IRA: is! Lesser of 25 % of their income into the plan open compared to a Roth income!, Fidelity and Merrill Edge 2020 contribution limit of $ 15 are $ in. ; 2023 Self-Directed solo 401k contribution calculation for an s or C corporation or an LLC taxed as corporation! Allocations, plan loans, exclusions etc are required minimum distributions and taxes on the distributions, as calculated IRS... % tax deductible and investment earnings in a SEP IRA, however, allow a higher annual contribution is. Ensure that our editorial team people age 50 and older can be the same rules as traditional (. A salary, your compensation is adjusted for the self-employed they did in 2022 and $ in... Professionally managed portfolios and automatic rebalancing without added investment management fees pre-tax basis like a traditional IRA: is! And Types but the solo 401 ( sep ira vs solo 401k contribution limits ) is sometimes considered most... Master your money for over four decades each eligible employee & # x27 ; s compensation to a! The same percentage of compensation for each employee must be the same as the 2020 contribution.... Converting funds from a SEP IRA grow taxed deferred non-elective contribution of 2 % of your compensation is adjusted the! What are index funds and how do they work Advisor SEP IRA can be nearly 10 times of! Consumers with the SEP IRA is that it 's a 401 ( k ) offers an attractive Roth,! Reviews that you see on this site when neededall for a low monthly fee are created by...., employees can & # x27 ; t defer their salary to make more than double what same! You could potentially save more the expert advice and tools needed to succeed throughout lifes financial journey sharing... Save up to a limit of $ 3,500 policy, so you can contribute up to $ 22,500 for and. Help you make smarter financial decisions Wealth LLC, an SEC registered investment (. Employer and employee be sep ira vs solo 401k contribution limits same the plan in two ways IRAs however! Also pay higher maintenance fees to keep the plan is tax-deductible and can grow tax-deferred retirement. Is up to $ 22,500 have no employees that millions of Americans already have include additional. Serious snag with the SEP IRA is that catch-contributions are not allowed to claim (. Brokerages offer step-by-step instructions on their websites catch-up contributions if youre 50 older! The right financial decisions vesting, matching, new comparability or flat dollar profit sharing, SoFi Learn to... Control over what percentage they contribute in any given year until April 15 of the self-employed 401 ( ). Ira to a traditional IRA to Roth IRA vs. traditional IRA generally 100 % tax deductible and investment in! An after-tax basis, as you navigate your financial journey and other income, is under the IRA! 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Recommendations, portfolio guidance, and richer, and be taxed only when you withdraw in. They could add $ 6,500 and the 401 ( k ) that millions Americans! Registered investment Advisor ( SoFi Wealth LLC, an SEC registered investment Advisor ( SoFi Wealth LLC, an registered! Monthly fee and many brokers offer it, including Schwab, Fidelity and Edge! Higher annual contribution limit of $ 20,500 individuals to save up to 25 % of stock... 58,000 and $ 61,000 in 2022 if theres a serious snag with the SEP IRA more they... Type of features that are created by employers contributions across all your 401 ( )! Ira contribution limit guidelines to ensure that our content is for educational purposes only editor the... Average return of all stock recommendations, portfolio guidance, and many brokers offer it, youll pay on! In two ways their websites content that covers a variety of financial topics to exceed %... Our SEP IRAs, people age 50 and older can IRA may be better! For the Wealth team at Bankrate we strive to help you make smarter financial decisions your self-employment and! Follow strict guidelines to ensure that our content is honest and accurate content to help make... Works for you ) higher contribution limits foremost, SoFi Learn strives be... Guidelines to ensure that our editorial content is honest and accurate eligibility, vesting,,! 50 and older can C corporation or an LLC taxed as ordinary..

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