I’m terminating my calendar year Vanguard solo 401k plan in July. Don’t want to move it to Ascensus, and am winding down the income for that in 2025. I’ll have ~$50k in net income between 1-1-24 and July 1. No W-2 income or other employer retirement plan. My understanding is that before terminating the plan just after July 1, I can make the max EmployEE contribution of $30,500 (I’m over 50). Not going to make an EmployER contribution - too complex to calculate that for the partial year and a very modest tax savings. I know about the final year 5500-ez filing requirement and the steps required to terminate the plan - lots of threads on those. Is this an allowable ($30,500 employEE contribution before termination) and appropriate approach?
Statistics: Posted by LakeCity$35 — Wed May 22, 2024 12:46 pm — Replies 1 — Views 108