As an employee, the maximum you can contribute to a 401k for 2020 is $19,500. If you are age 50 or older, you can contribute an additional $7,000. Different amounts apply if you're self employed. See the next question for more details.
Self employed individuals can open a Solo 401k, also known as an Individual 401k or Self-Employed 401k. The amount you can contribute is much higher since you can contribute to the plan both as an employee and employer. In addition to the employee contribution, you may also contribute 25% of self-employment earnings (20% if sole proprietor or single member LLC).
The deadline for both employee salary deferrals and employer contributions is April 15th (or October 15th if a tax extension has been filed).
Both tax deductible (traditional) and Roth (tax-free withdrawals) contributions can be made. However, employer contributions cannot be Roth, only employer salary deferrals can.
Both Traditional and Roth IRA contributions are limited to $6,000 ($7,000 if age 50+) for 2019 and 2020.
The deadline for contributing to both Traditional and Roth IRAs is the same as the tax filing deadline, excluding extensions.
Yes, you can contribute to both but the overall amount contributed between the two accounts cannot exceed the annual limit of $6,000 ($7,000 if 50+).
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