How to Use Your Retirement Funds for Business Financing
Wednesday, June 15
Gaining in popularity is the use of your own retirement funds (e.g., IRA, 457b, 403b, 401k, TSP, PSP, 401a, SEP, SIMPLE IRA and pensions funds) for financing a business that provides goods and or services. The above video covers the ROBS 401k business financing strategy including the following:-W...
I thought I had a self-directed 401k?
Wednesday, June 15
QUESTIONS:I am looking to invest the money I have in my solo 401k. I read that I can only borrow up to 50% of the value of a 401k. I have a self-directed 401k? Shouldn’t I be able to invest the full amount?ANSWERS: Borrowing form your solo 401k and investing your solo 401k are two different thi...
How Do You Value Real Estate for 5500-EZ $250K Filing Requirement?
Sunday, June 12
A Form 5500-EZ must be FILED by July 31 of the year following the year in which the total value of the Solo 401k reached $250,000 or more as of December 31 of the prior year. For example if the value of the solo 401k plan was $250,000 as of December 31, 2015, a Form 5500-EZ must be filed with the...
Question about IRA rollover to Solo401k
Sunday, June 05
QUESTIONIs it possible to contribute to a Roth IRA and then immediately, or later that year, recharacterize it to a Traditional IRA and then roll it over to a Solo401k? I can't seem to find anything that prohibits this. Thanks in advance for your help. ANSWERRe-characterizations only apply to ...
Types of Accountst That Can Be Transferred to a Solo 401(k)
Sunday, June 05
Not only has the self-employed solo 401k become the retirement account of choice for the self-employed because it allows for both employee and employer contributions (whereas the SEP IRA only allows for employer contributions), the solo 401k is also versatile because virtually every type of retir...
Office Space Solo 401k Prohibited Transaction Exemption
Saturday, June 04
Generally it is prohibited for the owner of the self-employed business that sponsors a solo 401k to use solo 401k owned real-estate for business purposes; however, just like other things in life, there are exceptions to this rule. If the following is met, the solo 401k owned real-estate property ...