My Solo 401K Plan Loan Rules

February 12th, 2014

One of the more popular options of a solo 401(k) Plan is the loan feature.  Unlike an IRA which does not offer a loan feature, with a solo 401(k) Plan, an individual has the opportunity to borrow money from his or her solo 401k plan without any penalty or tax.   The Solo 401k allows […]

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Self-Directed SEP IRA Contributions to Increase by $1,000 in 2014

January 13th, 2014

Starting on January 1, 2014, the Internal Revenue Services (“IRS”) announced that the maximum one can contribute to a self-directed SEP IRA cannot exceed the lesser of: (1) 25% of compensation, or (2) $52,000 for 2014.  The maximum 2014 self-directed IRA contribution of $52,000 is an increase of $1,000 from 2013. Notwithstanding the increase of […]

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IRS Announces Annual Self-directed Solo 401(k) Plan Contribution Limitations To Increase by $1,000 for 2014

January 2nd, 2014

Self-employed and business owners can defer up to $52,000 and $57,500 if over 50 years old in 2014 Starting on January 1, 2014, the Internal Revenue Services (“IRS”) announced that self-employed and small business owners that have adopted a solo 401K plan for the 2014 taxable year will be able to make tax-deferral employee and […]

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IRS Announces Annual Self-employed 401(k) Plan Contribution Limitations To Increase by $1,000 for 2014

January 2nd, 2014

Self-employed and business owners can defer up to $52,000 and $57,500 if over 50 years old in 2014 Starting on January 1, 2014, the Internal Revenue Services (“IRS”) announced that self-employed and small business owners that have adopted a self-employed 401K plan for the 2014 taxable year will be able to make tax-deferral employee and […]

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IRS Announces Annual Solo 401(k) Plan Contribution Limitations To Increase in 2014

January 2nd, 2014

Starting on January 1, 2014, the Internal Revenue Services (“IRS”) announced that self-employed individuals and small business owners that have adopted a solo 401K plan for the 2014 taxable year will be able to make tax-deferral employee and employer contributions of up to $52,000, which is an increase of $1,000 from 2013.  Self-employed individuals and […]

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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 […]

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IRS Announces New Higher Annual 401(k) Plan Contribution Limitations for 2014 for the Individual 401K Plan

January 3rd, 2013

Individual 401K Limits 2013 Self-employed individuals and business owners with an Individual 401K Plan can defer up to $52,000 and $57,500 if over 50 years old in 2014 Starting on January 1, the Internal Revenue Services (“IRS”) announced that self-employed individuals and small business owners that have adopted an Individual 401K plan for the 2014 […]

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Do I Have to File a Tax Return with a Solo 401(k) Plan?

May 10th, 2012

No – a Solo 401(k) Plan is treated as a tax-exempt trust pursuant to Internal Revenue Code Section 401 and 501 and, thus, is not required to file an annual federal or state income tax return. The Solo 401K Plan was initially created to provide sole proprietorships and small business owners with no full-time employees […]

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