Is there any Risk of Establishing a Solo 401(k) Plan?

January 24th, 2013

A solo 401(k) Plan is an IRS approved qualified retirement plan.  As long as certain eligibility requirements are satisfied, there is no risk for a business to adopt a solo 401K plan, also known as an Individual 401(k) plan or self-directed solo 401(k) Plan.  In addition, IRA Financial Group’s Solo 401(k) Plan has been pre […]

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Do I Need a Custodian with a Solo 401(k) Plan?

January 23rd, 2013

There are a number of people that make the claim that a Solo 401(k) Plan does not need a Custodian.  This statement is not accurate.  A Solo 401(k) Plan account must be held with a custodian.  A custodian is defined by the Internal Revenue Code as essentially a U.S. bank or financial institution.  Unlike a […]

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Can I Have a Solo 401(k) Plan and Contribute to an Employer 401(k) Plan?

January 23rd, 2013

Yes – the IRS and the ERISA rules do not include any exclusive plan rules.  Therefore, once can be a participant of more than one 401(k) Plan.  Thus, one can have a full-time job that offers a 401(k) Plan and participate in the plan as well as have a Solo 401(k) Plan.  They key is […]

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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 Higher Annual Solo 401(k) Plan Contribution Limitations for 2013

January 3rd, 2013

Self-employed individuals and business owners can defer up to $51,000 and $56,500 if over 50 years old in 2013 Starting on January 1, the Internal Revenue Services (“IRS”) announced that elf-employed individuals and small business owners that have adopted a solo 401K plan for the 2013 taxable year will be able to make tax-deferral employee […]

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Can I Have a SEP IRA and a Solo 401(k) Plan at the Same Time

October 30th, 2012

There is no exclusive plan rule for a Solo 401(k) Plan and SEP IRA.  Only a SIMPLE IRA has an exclusive plan rule, meaning one can not combine a Solo 401k Plan with a SIMPLE IRA.  Even though one can have a SEP along with a Solo 401(k) plan, there is generally not many benefits […]

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Solo 401K Plan Maximum Contribution Calculator

August 20th, 2012

One of the major advantages of using a Solo 401K retirement plan over an IRA is the high annual contributions that one can make on an annual basis. Unlike an IRA, a Solo 401k plan allows a plan participant to make up to ten times the annual contributions to the Plan. The contributions can be […]

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Can I? Should I? Use my 401(k) to fund my business?

July 13th, 2012

Despite all the doom and gloom these days, small businesses are still chugging along and remain the heart and soul of the U.S. economy. Contrary to what you’ve heard, we still have a solid small business sector and a thriving services economy in health care, legal, information technology, plus specialty stores and services uniquely adopted the […]

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