Blue Diamond to Offer Solo 401(k)

Blue Diamond Documents, a provider of self-directed IRA accounts, is introducing a Solo 401(k) plan for small-business owners. 

Also known as “individual Ks,” Solo 401(k)s were created for business owners that have no employees, such as sole proprietors or partners who have no common law employees.

Blue Diamond explained that for 2011, small-business owners can contribute either pre-tax or Roth employee deferral contributions of up to $16,500. Individuals age 50 or older can make an additional $5,500 catch-up contribution. The combined employer and employee contributions cannot exceed $49,000 ($54,500 for individuals using the $5,500 age related catch-up contribution).

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