What is a Qualified Retirement Plan?

September 20th, 2016

A qualified plan, like a 401(k), is a type of retirement savings plan that an employer establishes for its employees that conforms to the requirements of Section 401 of the Internal Revenue Code. It is called a “qualified plan” because it meets all the requirements of Section 401 and, thus, qualifies for special tax rules, […]

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Using Your 401(k) Retirement Funds to Start a Business

August 4th, 2016

Leaving your job or thinking of leaving your job and a have 401(k) qualified retirement plan or other type of retirement plan? Why not use your retirement funds to invest in yourself instead of a roller coaster stock market? With the recent turmoil in the U.S. stock market and the downward trend expected to continue, […]

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Are All Solo 401(k) Equal?

February 24th, 2016

When it comes to determining what type of 401(k) qualified retirement plan is best for a self-employed individual or small business owner with no employees, it is important to look at all the options the plan provides to make sure it will satisfy your retirement planning, tax, and investment goals. Most financial institutions offer Solo […]

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Solo 401(k) and ERISA Laws

February 11th, 2016

The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub.L. 93-406, 88  Stat. 829, enacted September 2, 1974) is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA contained sweeping changes […]

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Is Your Roth IRA Protected From Creditors in a Bankruptcy Proceeding?

December 14th, 2015

Protection for some IRAs came in 2005 through the Bankruptcy Abuse Protection Act. The law provides debtors in bankruptcy with an exemption for retirement assets in qualified plans, qualified annuities, tax sheltered annuities, and self-employed plans. In addition, the law exempts all assets in an IRA that are attributable to rollovers from a retirement plan […]

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Beneficiary Options for a Solo 401k

August 19th, 2015

If you are a beneficiary (rather than the owner) of a qualified plan, such as a Solo 401(k), and receive a distribution as a result of the owner’s death, in general you have the following options: Pay ordinary income tax: If plan assets are distributed to you, then you will have to report the distribution […]

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Solo 401k Checkbook Control Advantage

August 6th, 2015

A Solo 401(k) is perfect for sole proprietors, small businesses and independent contractors. A Solo 401(k) plan is generally also referred to as a “checkbook control” Qualified Retirement Plan. In each case, a 401(k) plan is established whereby the participant serves as trustee and administrator of the Plan providing the participant with “checkbook control” over […]

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Using Your IRA Funds to Purchase a Business

July 7th, 2015

Leaving your job or thinking of leaving your job and have an IRA or 401(k) qualified retirement plan? Why not use your IRA or 401(k) Plan to invest in yourself instead of a falling stock market? Why put your hard earned retirement funds in the hands of Wall Street when you can use your 401(k) […]

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