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You may be a one-person business, but that doesn't mean you can't save for retirement like a large company. The Edward Jones Owner K® is an owner-only 401(k) plan, designed for business owners – with no employees other than their spouse – who want to increase or maximize pretax retirement contributions with flexibility. Any business with no employees other than owners and their spouses can set up this plan (including self-employed individuals, corporations and partnerships).
Consider the following:
You must establish the plan by the last day of your business tax year, but no later than Dec. 31 of the year for which contributions will be made.
1Plans looking to add loan provisions must use a custom plan document from a third-party administrator. The Edward Jones plan document does not allow for loan provisions. All loans must comply with all applicable tax laws. Participants should consult with their tax advisor regarding their situation. Loans taken from a plan may be treated as a taxable distribution and may result in early distribution penalties. Please refer to your individual plan document for more information on optional plan loans.
This information is for educational purposes only. Edward Jones, its employees and financial advisors cannot provide tax or legal advice.