Big Tax Credits Available Now When Starting A New Plan
SECURE 2.0 has made it possible for small businesses to receive a tax credit for starting a 401(k) plan this year. Learn more about SECURE 2.0 on our FAQ page. Use our tax credit calculator below to see how much your estimated savings could be!
Tax Credit Calculator Requirements
The employer did not offer a plan covering substantially the same employees during the previous three tax years.
This new tax credit is only available for plans started in 2023. If a plan was started previously you may still be eligible for a $500 automatic enrollment tax credit.
Ready To Start A 401(k) and Receive Your Tax Credit?
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This credit is not available to employers that had greater than 100 employees who earned over $5,000 during the prior calendar year
*The calculations provided are for illustration purposes only and provide only general information and not specific legal or tax advice. These calculations are not intended, nor shall they be deemed to constitute or provide legal or tax advice or counsel. Please consult with your tax professional to determine your specific tax credit amount