Posted almost 10 years ago

How do I qualify for the Solo 401(k)?

The Solo 401(k) is the preferred vehicle for self-controlled investments; often clients wonder how they can qualify for this gift from Congress.

9b4a9b346bda08e2a32d6849b8d36a3e

We talk to people every day that don’t think they qualify, but after a few questions the find out they do. The easiest (and most commonly known) way is to have 1099 income or be a small business owner (with no full time employees; this means an employee working over 1000 hours a year).

However, here are some other ways that you can qualify for the Solo 401(k). Remember, the rules say you have to be in a business seeking profit not that you have to have any threshold of profit.

Rental Management: If you own rentals have your rentals pay you a management fee to manage them.

Multi-Level Marketing: Any attempt at selling a multi-level marketing product by you or your spouse qualifies you.

Part Time Income: If you have some part time income, see if the company will switch you to a contractor rather than employee.

Freelancing: Start an account on freelancer.com and offer your services in your specialty.

Consulting: Do some consulting in your profession or passion by advertising on Craigslist or Facebook.

Spousal Income: Do not forget about your spouse; often they have miscellaneous contractor income that is overlooked. Or their venture hasn’t made a profit, but it still qualifies them and you for the Solo 401K.

These are just a few examples of how to create a scenario that allows you to use the Solo 401K as a self-controlled retirement vehicle.

If you are motivated to use the best checkbook controlled retirement investment plan available, there are many ways to qualify. If you don’t see a scenario above that fits your situation a quick consultation might uncover an opportunity you didn’t know you had.

To know more on this, call telephone # (800) 482 2760.
Or visit us on our website at http://www.CheckBookIRA.com/