408(k) plan

408(k) plan

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: 408(k) plan

408(k) plan definition: A 408(k) plan is a simpler version of the 401(k) plan for self-employeed or small (family businesses). Both employee and employer can make tax-deductible contributions. Money in the account grows tax-free until withdrawals are made. A 408(k) plan falls under the same IRS tax rules that govern Simplified Employee Pension (SEP) IRA’s.

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