All Forum Posts by: Mark Spritz

Here are a couple of things I do not need. 1) I don't need to be contributing to the account, I am rolling over two other IRA accounts into it. and 2) I don't ever want to take a loan from it and replace before tax money with after tax money. So what other benefits that a Solo 401K have that I might need? And what about taxes and cost. Would the costs of LLC IRA be much higher than Solo 401K?

Thanks for the responses.

Mark

I was talking with the guy at MySolo401K about trying to open a Solo 401K. I have a Sole proprietor LLC since 2009 where I was doing consulting and training. My business did really well, but almost 2 years ago, I started as a Full-Time employee at this startup. We have no 401K at this company. Anyway, that means while I still have my LLC I am not really making any money in it anymore, or if I do it would be a small amount maybe $5000 in a year, at most. And even if I can open a Solo 401K with that low amount, I heard that if I stop making money in my LLC or close my LLC you have to close your Solo 401K and transfer everything into a regular 401K. So let's say I was making money in my LLC for the next year or two, then decide to retire/stop, then I have to close the Solo 401K. Which I understand.

So my question, then comes to opening a Self Directed LLC IRA, (I do not want a standard Self Directed LLC where I don't have checkbook control and need a person doing all my deal signing etc). Is a LLC IRA a better choice for me, and what benefits or disadvantages will it be for me?

Thanks. First post, but I have been visiting this site for a long time and love everyone's questions and the help everyone gives.

Mark