Solo 401(k)s (or, as the IRS calls them, “one-participant 401ks”), enable self-employed professionals with no other eligible employees to save for retirement. To manage a Solo 401(k) account successfully, it’s important to keep up with your contribution deadlines.

Keep reading for a thorough guide to Solo 401(k) contribution deadlines.

Solo 401(k) Contribution Deadlines

To start contributing to a new Solo 401(k) in a given tax year, you have to open that plan before December 31 during the year in question.

However, that doesn’t mean you need to immediately make your entire Solo 401(k) contribution for that given tax year. If you have one of these accounts, there are four other important deadlines to keep track of throughout the year. 

For 2024, the dates you’ll want to remember are:

• March 15. If you have a partnership LLC or S-corporation, this is your Solo 401(k) contribution deadline.
• April 15. This is the Solo 401(k) contribution deadline for C-corporations, single-member LLCs, and sole proprietorships (as well as the federal tax filing deadline for these entities).
• September 15. Besides being the Solo 401(k) contribution deadline for some business types, this is also your last chance to contribute if you filed a six-month extension on March 15th.
• October 15. This marks the extended Solo 401(k) contribution deadline for businesses usually required to make these contributions by April 15.

W-2s and Employee Deferrals

Keeping up on your Solo 401(k) contribution deadlines is a great place to start when establishing one of these accounts. With that said, there are some other details you’ll need to keep track of including the links between Solo 401(k) contributions and your W-2s. 

W-2s must legally be filed by January 31 (or the first business day following a legal holiday, Saturday, or Sunday) and must include any Solo 401(k) contributions you make as an employee.

How to Contribute to a Solo 401(k)

As long as you adhere to the contribution deadlines tied to Solo 401(k)s and W-2s, you can contribute to your Solo 401(k) however you want. These accounts have no minimum contributions and there are two basic ways to add funds.

Rollovers

When you’re just getting started with a Solo 401(k), a quick way to shore up this account is by moving funds into it from elsewhere. That can include a pre-existing 401k or Solo 401(k), a standard IRA, a Thrift Savings Plan, a Defined Benefit plan, and countless other financial accounts.

Contributions

After you’ve set up your Solo 401(k) and rolled money into it, you can continue adding to this account by making new pretax, Roth, and voluntary after-tax contributions. Employee contributions to 401ks are capped at $23,000 for the 2024 tax year (though people aged 50 or older can make an extra “catch-up contribution” of $7,500).

Fortunately, the unique nature of Solo 401(k)s means you can add more to this account than that implies. After all, you’re not just an employee of your business–you’re also the employer. That means you can contribute up to the limit for your Solo 401(k). In the 2024 tax year, these accounts are capped at $69,000 (or $76,500 for people age 50 or older).

Don’t Go It Alone

While Solo 401(k)s are a retirement plan designed for self-employed workers, that doesn’t mean you’ll need to manage them on your own. Like any financial account, Solo 401(k)s can get complicated. Instead of trying to take care of your finances by yourself, get the support you need with Retire4one. 

Retire4one empowers solopreneurs to manage their Solo 401(k)s without the need for meetings or long consultations with a financial advisor. Their platform was created to make the process quick and easy. Plus, your plan is backed by Voya so you’ll have access to wide-ranging investment options and can take action when you want to. 

With Retire4one, build a reliable plan for your future without the complications and steep costs. Get started today in just a few minutes!