Archive for the ‘Solo 401K Rules’ Category

Self-Employed for 2018? Check Out the Solo 401(k) Plan for Your Retirement Planning

January 18th, 2018

In 1981, the IRS formally described the rules for 401k Plans. The Solo 401k Plan is an IRS approved type of qualified plan. The Solo 401k plan is not a new type of plan. It is a traditional 401k plan covering only one employee. The plans have the same rules and requirements as any other […]

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Quick Recap of the 2018 Solo 401(k) Contribution Limits

January 6th, 2018

A Solo 401(k) participant can contribute to the plan as an employee and as employer. Employee Elective Deferrals For 2018, up to $18,500 per year can be contributed by the participant through employee elective deferrals. An additional $6,000 can be contributed for persons over age 50. These contributions can be up to 100% of the […]

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2017 Deadline for Making Individual 401(k) Contributions

December 26th, 2017

The deadline for making Solo 401K Plan contributions is typically dependent on the type of entity that has adopted the Solo 401K Plan as well as the type of contribution – employee deferral vs. profit sharing contribution. Sole Proprietorship Employee Deferral In the case of a sole proprietorship, a business owner under the age of […]

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Rules for a Solo 401(k) Plan Loan

November 29th, 2017

Under a solo 401(k) Plan, a plan participant may be eligible to obtain a loan from the vested balance of the solo 401(k) plan balance without triggering a distribution subject to tax or penalty. With IRA Financial Group’s solo 401(k) plan, the IRA or 401(k) plan funds rolled into the new solo 401(k) plan, as […]

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True Facts About the Self-Employed 401k Plan

November 22nd, 2017

The Self-Employed 401(k), also known as a Solo 401(k) Plan, is essentially a regular, plain-old, vanilla 401(k) plan that has one participant, who is a self-employed individual, or that person and his or her spouse. There is some misinformation being disseminated about these plans and we would like to set the record straight. We want […]

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Can You Adopt a Separate Individual 401(k) for Another Business

November 15th, 2017

One must first determine whether adopting the additional Solo 401(k) would violate the CONTROLLED GROUP RULES set up by the IRS and Department of Labor. The Controlled Group Rules were created essentially to protect employees from a business owner or executive establishing a separate 401(k) plan for another business and thereby not offering those employees […]

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Adopting a Solo 401(k) Plan with IRA Financial Group

October 12th, 2017

IRA Financial Group will help you set-up your Solo 401(k) plan quickly, professionally, and economically. The IRA Financial Group’s on-site tax and ERISA professionals will personally customize your Solo 401(k) Plan to fit the needs of your business as well as satisfy your retirement and tax planning goals. Once you have decided to establish a […]

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Who Can Benefit from an Individual 401(k) Plan?

October 9th, 2017

The Individual 401(k), also known as a  Solo 401(k) plan, is unique and so popular because it is designed explicitly for small, owner only business. It’s a tax efficient and cost effective plan that offers all the benefits of a Self Directed IRA plan, and includes additional benefits, such as high contribution limits (up to […]

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