Free chat for young adult - Liquidating an old 401k
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This isn’t a big deal, and the paperwork at most brokerage options walks you through it quickly, but it will take longer than 5 minutes.
Whatever amount you put into the SEP-IRA is simply put onto line 28 and becomes an “above the line” (the line is line 38-adjusted gross income) deduction.
A SEP-IRA can easily be set up on line with most major brokerage companies, such as Vanguard and funded with a simple electronic funds transfer from your personal or business account. This simplicity is the main advantage over a solo 401K. Rather than limiting contributions to the usual amount of an employee 401K deferral (currently $16,500 per year), the laws allow you to also put in an employer contribution (really all the same money for a sole proprietor), for a total of up to $49,000 per year, exactly the same as a SEP-IRA.
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Advantages of Solo 401K over a SEP-IRA 1) Higher allowable contributions for those making less than $254,460 per year.