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401k Loan & Retirment Contribution Financing FAQs
Browse our frequently asked questions. Our most popular 401k related questions all in one place.
What is the maximum contribution I can make to a 401k?

As an employee, the maximum you can contribute to a 401k for 2015 is $18,000. If you are age 50 or older, you can contribute an additional $6,000. Different amounts apply if you're self employed. See the next question for more details.

What if I'm self employed? Can I contribute to a 401k?

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).

What is the deadline for making 401k contributions?

The deadline for both employee salary deferrals and employer contributions is April 15th (or October 15th if a tax extension has been filed).

What types of contributions can be made to a 401k?

Both tax deductible (traditional) and Roth (tax-free withdrawals) contributions can be made. However, employer contributions cannot be Roth, only employer salary deferrals can.

What is the maximum contribution I can make to a Traditional or Roth IRA?

Both Traditional and Roth IRA contributions are limited to $5,500 ($6,500 if age 50+) for 2015 and 2016.

What is the deadline for contributing to a Traditional or Roth IRA?

The deadline for contributing to both Traditional and Roth IRAs is the same as the tax filing deadline, excluding extensions.

Can I contribute to both a Traditional and Roth IRA?

Yes, you can contribute to both but the overall amount contributed between the two accounts cannot exceed the annual limit of $5,500 ($6,500 if 50+).

What are the interest rates for 401k and IRA contribution loans?

Interest rates offered vary by applicant based on several factors. To determine your interest rate, click apply to fill out a short, secure application. Applying will not hurt your credit score.

What if I have a question that isn't listed here?

If you have any remaining questions, please get in touch with us via our contact form and we'll be happy to answer your question.

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