Liquidating an old 401k
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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 ,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 ,000 per year, exactly the same as a SEP-IRA.
The amount placed into a SEP-IRA is 100% tax-deductible.
You take this deduction on line 28 of the Form 1040.
For inquiries about the Wa Mu 401k plan previously administered by Fidelity, please contact 1-866-576-2401.
The Wamu 401k Plan was merged into the JPMC 401k Plan.
Advantages of Solo 401K over a SEP-IRA 1) Higher allowable contributions for those making less than $254,460 per year.