ROTH Solo 401k Designated Account Direct Rollover to ROTH IRA
Wednesday, August 03
QUESTION: I want to roll over some of my Solo 401k Roth account to a Roth IRA. My understanding is that I am free to do this, correct? ANSWER: Because you are under age 59/12, and; therefore, have not satisfied both requirements under the Roth 401k Designat...
Nonrecourse Loan Debt for Self-Directed Solo 401k Investment
Wednesday, July 20
QUESTIONCan I make a non recourse loan to my solo 401k to complete a transaction? The loan will be short term in nature. I'm looking to purchase a promissory note with the funds and currently, there is not enough liquidity to complete the transaction.ANSWER: 1. You cannot use nonrecourse loans ...
Solo 401k Compliance
Friday, July 01
This video covers important solo 401k compliance items. Some of the items covered include the following: Account OpeningRolloversDistributionsLoansReal EstateOther InvestmentsFiling, Reporting & DeadlinesYou can also VIEW HERE for more information regarding the solo 401k rules.
Can I contribute to a 457(b) governmental plan and solo 401k?
Wednesday, June 22
QUESTION:Can I contribute to a 457(b) governmental plan and solo 401k at the same time?ANSWER: The answer is yes. Unlike 40k plans where the employee contributions have to be aggregate among all plans, the same rule does not apply to a 457b. For example, if you are currently participating in a 45...
Where do I deduct my annual solo 401k contribution?
Sunday, June 19
You first must identify the type of self-employed entity (e.g., sole proprietorship, corporation, or partnership) sponsoring the solo 401k plan to determine which tax return to claim the annual solo 401k contribution. Partnership or Sole-ProprietorshipIf the self-employed business is a partnershi...
Can I still keep my Solo 401k?
Thursday, June 16
QUESTION:Suppose I get sick & become disabled & not able to work, what do I do to keep my Solo 401K legit? Do I keep it since business is closed or what are my options? It IS with Fidelity . Reason I ask, is most likely I will be disabled soon, do to illness that recently happen to me....