You can make profit sharing, before-tax salary reduction, and, if allowed by your plan, after-tax Roth plan contributions to your Individual 401(k) account. Total contributions cannot exceed $56,000 per participant for 2019 (and up to $62,000 if age 50 or over). For 2018, the limits were $55,000 and $61,000, respectively.
The employer contribution made to your Individual 401(k) account generally is deductible as a business expense and can grow tax-deferred until withdrawal, usually during retirement.
There is no fee to set up a T. Rowe Price Individual 401(k) plan.2
If you open an account at T. Rowe Price, you can choose from more than 100 no-load T. Rowe Price mutual funds.