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Jim Hitt, CEO of American IRA-A National Self-Directed IRA Service Provider, Says The IRS Announced Higher 2015 401K Contribution Limits(PR Web Via Acquire Media NewsEdge) Charlotte, NC (PRWEB) October 25, 2014 The 2015 401k contribution limits have increased for the one-participant 401(k) plan. What some people don't realize is that the one-participant plan is the official name given to it by the IRS though most people sometimes called it a: Solo 401(k), Solo-k, Uni-k, or One-participant k. As stated by the IRS, the one-participant 401(k) plan isn't a new type of 401(k) plan. It's a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. Here are the 2015 401K contribution limits for the one-participant 401(k) plan as outline by the IRS: The business owner wears two hats in a 401(k) plan: employee and employer. Contributions can be made to the plan in both capacities. The owner can contribute both: Elective deferrals up to 100% of compensation ("earned income" in the case of a self-employed individual) up to the annual contribution limit: $17,500 in 2014 and $18,000 in 2015, or $23,000 in 2014 and $24,000 in 2015 if age 50 or over; plus Employer non-elective contributions up to 25% of compensation as defined by the plan, or for self-employed individuals, see discussion below Total contributions to a participant's account, not counting catch-up contributions for those age 50 and over, have increased from $52,000 for 2014 to $53,000 for 2015. Click here to visit the IRS website for additional details. About American IRA, LLC: American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours. American IRA services thousands of clients and has over $300 million in assets under administration. American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more. American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide. Read the full story at http://www.prweb.com/releases/2014/10/prweb12276845.htm (c) 2014 PRWEB.COM Newswire |