Archive for the ‘Uncategorized’ Category

Can I have an IRA and a Solo 401(k) Plan at the Same Time?

January 15th, 2013

The 401(k) plan qualified plan rules do not contain an exclusive plan rule. Hence, a plan participant is able to participate in an employer 401(k) Plan or Solo 401K Plan as well as make annual IRA contributions. Under the 2013 new Solo 401(k) contribution rules, a plan participant under the age of 50 can make [...]

October 30th, 2012

The legality of the Checkbook IRA structure has not come under question since the IRS conceded that investing IRA funds in a wholly owned entity is not a prohibited transaction in the U.S. Tax Court case Swanson V. Commissioner 106 T.C. 76 (1996). In light of Swanson, some IRA custodians are still trying to mislead [...]

October 29th, 2012

Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 ½ years of age or, if later, the year in which he or she retires. However, if the retirement plan account is an IRA or the account owner [...]

June 25th, 2012

With a Roth IRA, one is not required to take required minimum distributions, like a Traditional IRA. In addition, if a Roth IRA holder passes away and leaves his or her Roth IRA to a spouse, that spouse is not required to take any required minimum distributions (“RMD”) with respect to the Roth IRA. However, [...]

April 25th, 2012

What tax forms do I need to file for my Self-Directed IRA LLC? Let’s step back to understand some basic concepts: First, your LLC is owned by your IRA. Second, IRAs are not subject to federal taxes. Third, there is a difference between a single-member LLC and a multi-member LLC. A single-member LLC is an [...]

October 6th, 2011

When an IRA proprietor passes away, his IRA finances go to a nominated beneficiary. The exact quantity of money distributed to a recipient depends on whether the recipient is a non-spouse or a spouse. If you are named a recipient of an IRA, investigate the inheritance and Beneficiary Ira Rules for your profile.

October 5th, 2011

When making an investment in a self- directed LLC IRA, one must make careful note of the company’s operating agreement, copies of which the account custodian and the LLC’s bank will keep. These precautions need to be followed because the account holder needs to know just how much liability he has in the company.

September 29th, 2011

What is a IRA? An individual retirement account (IRA) is savings accounts for income earners. There are several forms of IRAs, which set aside financial contributions in anticipation of an individual’s retirement. What is an IRA? IRAs are exclusive benefits to the individual taxpayer, exercising IRA tax advantages today. Traditional IRAs are offered as part of an employee’s benefit from an employer’s group plan. As of 2011, individuals are allowed to contribute up to $5,000 a year as a pretax deduction if they are younger than 50 years of age and up to $6,000 if they are older than 50 years of age. Understanding the elements of each IRA type is the beginning of making the best decision towards better investments using self directed IRAs.