What Kind of Investments Can Be Made with a Solo 401k Plan?

March 13th, 2018

A Solo 401(k) Plan offers one the ability to use his or her retirement funds to make almost any type of investment on their own without requiring the consent of any custodian or person. The IRS and Department of Labor only describe the types of investments that are prohibited, which are very few. The following […]

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Funding an Individual 401k Plan With a Rollover

March 6th, 2018

An individual who adopts an Individual 401(k), more frequently known as a Solo 401(k) Plan, may generally fund the Solo 401(k) Plan using two methods – the rollover process or by direct contribution. Most Solo 401(k) Plan documents will allow for the rollover of IRA or other pre-tax employer retirement funds, such as a 401(k), […]

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How Does “Checkbook Control” Work with a Solo 401(k) Plan

February 15th, 2018

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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Are You Eligible to Open an Individual 401(k) Plan for 2018?

February 6th, 2018

A Solo 401(k) plan, also known as an Individual 401(k) plan, is well suited for businesses that either do not employ any employees or employee certain employees that may be excluded from coverage. A Solo 401K plan is perfect for any sole proprietor, consultant, or independent contractor. To be eligible to benefit from the Solo […]

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A Brief History of the Individual 401(k) Plan

January 30th, 2018

401(k) plans are named after the section of the Internal Revenue Code in which they appear, and apply to private sector employers. An Individual 401(k) plan, also called a Solo 401(k), a one-participant plan, self-employed 401(k) or self-directed 401(k) plan is a qualified retirement plan that was designed specifically for the self-employed or small business […]

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What Do You Get with an IRA Financial Group Solo 401(k)?

January 26th, 2018

With IRA Financial Group, you no longer have to spend $2500 to $5,000 or more to set up your Solo 401(k). IRA Financial Group provides Full Service Custom Retirement Solutions for significantly less than any company in the industry! Our one time low fee includes the following services: Free tax consultation with our Retirement Specialists […]

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Withholding Tax Rules with a Solo 401k

January 23rd, 2018

In 1993, Congress passed a mandatory withholding law. The law requires your plan administrator to keep 20% of all qualified plan (such as a Solo 401k) distributions to pay federal income tax before distributing the remainder to you. There are, however, some exceptions to the mandatory withholding rule. For example, amounts that are transferred directly […]

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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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