Keep copies of all documents and records for your permanent company plan records.Be sure to sign and date the adoption agreement and trust agreement and return the original forms to Fidelity Investments.Download, print, and complete the trust agreement (PDF).Download, print, and complete the Self-employed 401(k) adoption agreement (PDF).Download, print, and read the Defined Contribution Retirement Plan Basic Plan Document No.If you're setting up a plan and opening an account for someone else or if you'd prefer not to submit documents digitally, please complete steps 1-7 below. Are naming your spouse as your primary beneficiary if you are married.Are the plan administrator and plan participant.
Online plan establishment is available if you: To fully establish your plan, you'll also need to send at least one completed self-employed 401(k) account application, along with the adoption agreement, to Fidelity. The SECURE Act change to tax filing deadline including extensions allows for profit-sharing only. The deadline to open a new plan is generally December 31 (or fiscal year-end) if salary deferrals are intended. Please see the "Maintaining Your Plan" section on this page for more information. 1 $0 commission for online US stock, ETF, and options trades.* †Īn IRS filing is required when you terminate your plan and in some cases on an annual basis. There is no opening cost, closing cost, or annual fee for Fidelity's self-employed 401(k). Required minimum distributions start at age 73.Ī wide range of mutual funds, stocks, bonds, ETFs, and more. 10% early withdrawal penalty applies if you are under age 59½ and taking a distribution. Participants cannot take withdrawals from the plan until a "trigger" event occurs, such as turning age 59½, disability, or death. Salary deferral catch-up limits are $6,5 and $7,5 (if age 50 or older). Total contributions cannot exceed $61,0 ($67,500 if age 50 or older and contributing the catch-up contribution amount) and $66,0 ($73,500 if age 50 or older and contributing the catch-up contribution amount). Employers may contribute up to 25% of compensation 2, up to the annual maximum of $61,0 and $66,0. Individuals may contribute up to $20,5 ($27,000 if age 50 or older) and $22,5 ($30,000 if age 50 or older).
Learn more about the tax advantages of self-employed 401(k)sįunded by salary deferrals and employer contributions. Tax-deferred growth, tax-deductible contributions, and pre-tax deferral contributions. The owner's spouse may participate in the plan if they are a compensated employee of the business. Self-employed individuals with no employees and owner-only businesses.
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