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Individual

Individual (k)

Individual (k) plans were created specifically for the small, owner-only business. Corporations, Sub-Chapter S, Self-Employed, Sole Proprietorships, “Owner-Only” Partnerships, LLCs and businesses with excludable common-law employees may establish plans. These plans give the ability to contribute considerably greater contributions than to other retirement plans such as profit sharing plans, SEPS and SIMPLE plans. Contributions are tax-deductible to the business and employee contributions are excluded from income for federal income tax purposes. With the flexibility of contributions, you can decide how much you want to contribute each year. There is no annual Form 5500 reporting for plans with less than $100,000 of assets. Loans and the consolidation of assets are allowed.

Plans must be established by fiscal year-end (December 31 for calendar year plan). Deferrals are not permitted until the plan is established.
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9385 Miller Lane  •  San Antonio, Tx. 78266