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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IRA Financial Group Sees 400 Percent Increase in Sales Since Offering Cryptocurrency Self-Directed IRA & Solo 401(k) Plan Solutions

December 29th, 2017

IRA Financial Group & IRA Financial Trust Company have become the leading self-directed IRA & Solo 401(k) Plan provider of cryptocurrency retirement account solutions IRA Financial Group, the leading provider of self-directed IRA LLC and Solo 401(k) Plans has seen over a 400 percent increase in sales since beginning to offer Bitcoin IRA and cryptocurrency […]

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What Happens When You Inherit a Solo 401k Plan?

December 28th, 2017

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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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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Can You Make Contributions to Both a Solo 401k and SEP IRA?

December 4th, 2017

Yes. You can make contributions to both a SEP and a Solo 401K Plan. In other words, a business can have both a SEP IRA and a Solo 401(K) Plan, although, there is generally no advantage for a business to have both active at the same time. A Solo 401(k) Plan includes both an employee […]

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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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