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| Solo-k Plan |
The amount of money employees can contribute to their Solo 401ks and IRAs will not change drastically in 2014.
One of the reasons is inflation did not go up enough to justify raising the caps.
Some of the income cut-offs will increase next year.
A comparison of 401k and IRA rules in 2014 are below.
-Taxpayers will be able to contribute up to $17,500 to their 401k.
The catch-up contribution limit for employees who are age 50 older will stay at $5,500.
-The limit on contributions to an IRA will continue to be $5,500 in 2014.
Individuals who are age 50 and older will be able to contribute an additional $1,000.
This was the catch-up contribution limit in 2013.
Workers who earn $2,000 or more in 2014 will still be able to contribute to a Roth IRA.
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