INDIVIDUAL or SOLO 401K

YEAR	CONTRIBUTION IF UNDER THE AGE OF 50	CONTRIBUTION IF OVER THE AGE OF 50
2021	$19,500	$26,000
2022	$20,500	$27,000

YEAR	CONTRIBUTION IF UNDER THE AGE OF 50	CONTRIBUTION IF OVER THE AGE OF 50
2021	$58,000	$64,500
2022	$61,000	$67,500

Key Features:

Employer non-elective contributions of up to 25% of compensation as defined by the plan
If an individual 401(k) plan has $250,000 or more in assets, it is required to file an annual report on Form 5500-SF.