Per the IRS website, click here,
the 401(k) limits are:
Contribution limits in a one-participant 401(k) planThe business owner wears two hats in a 401(k) plan:
employee and employer. Contributions can be made to the plan in both
capacities. The owner can contribute both:
·
Elective deferrals up to 100% of
compensation (“earned income” in the case of a self-employed individual) up to
the annual contribution limit:
o $18,000 in 2016 and 2017, or $24,000 in 2016 and 2017 if
age 50 or over; plus
·
Employer non-elective contributions up to:
o 25% of compensation as defined by the plan, or
o for self-employed individuals, see discussion below
If you’ve exceeded the limit for
elective deferrals in your 401(k) plan, find out how to correct this
mistake.
Total contributions to a participant’s account, not counting catch-up
contributions for those age 50 and over, cannot exceed $54,000 (for 2017;
$53,000 for 2016)
Generally the retirement contribution is made by the due date
of the tax return.
