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Easy and
surprisingly affordable
surprisingly affordable
Is this plan right for my business?
There are many types of retirement plans, including 401(k)s and Individual Retirement Accounts (IRAs). The plan that is best for you depends on a number of factors, including how much money you want to put away for yourself and whether you want to make matching contributions for your employees.
The chart below summarizes the most common retirement plans for small businesses. We encourage you to review your options with your accountant or financial advisor to help determine which type of plan best suits your business goals and employee needs.
Please note that for the Intuit 401(k), employer contributions are optional.
1Limits are adjusted each year for inflation.
2Several formulas exist; this is one example of how to compute employer contribution.
This chart is not considered a comprehensive review of each plan type, and is not intended to provide legal, tax or investment advice. It is intended to be general in nature. Consult your accountant, legal or financial advisor for advice specific to your situation.
The chart below summarizes the most common retirement plans for small businesses. We encourage you to review your options with your accountant or financial advisor to help determine which type of plan best suits your business goals and employee needs.
Please note that for the Intuit 401(k), employer contributions are optional.
| Features | Intuit 401(k) |
Simple IRA |
| Who can contribute? | Employee + Employer |
Employee + Employer |
| Maximum employee contribution in 20101 | $16,500 or 100% of compensation, whichever is less | $11,500 or 100% of compensation, whichever is less |
| Catch-up employee contributions allowed for those over age 501 | $5,500 | $2,500 |
| Safe Harbor Match Employer Contributions | Optional | Must choose one ER Contribution |
| Profit Sharing Employer Contributions | Optional | Must choose one ER Contribution |
| Maximum annual plan contribution (employee + employer)1 | $49,000 individual limit per employee | $11,500 + 3% of salary2 |
1Limits are adjusted each year for inflation.
2Several formulas exist; this is one example of how to compute employer contribution.
This chart is not considered a comprehensive review of each plan type, and is not intended to provide legal, tax or investment advice. It is intended to be general in nature. Consult your accountant, legal or financial advisor for advice specific to your situation.
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Is this plan right
for my business?
for my business?