Solo 401(K) Annual Contribution Limits To Increase in 2017The 2017 Solo 401(k) contribution limits will increase, much like the 2018 plan. A plan participant under 50 can make a maximum annual employee deferral contribution in the amount of $18,000. That amount can be made in pre-tax, after-tax or Roth. On the...
Read Post
The Solo 401(k) Contribution Limits for 2018 Solo 401(k) Contribution Limits for 2018 are the same as 2017. Under the 2018 Solo 401(k) contribution rules, a plan participant under the age of 50 can make a maximum employee deferral contribution of $18,500. Participants can make this amount pre-tax or post-tax (Roth).As...
Read Post
A Solo 401(k) loan is permitted at any time using the accumulated balance of the Solo 401(k) as collateral for the loan. A Solo 401(k) participant can borrow up to either $50,000 or 50% of their account value - whichever is less. This loan has to be repaid over an...
Read Post
When it comes to using retirement funds, such as a Solo 401(k) Plan, to make investments, the question arises whether you can utilize a Solo 401(k) plan loan as part of the transaction.The IRS has always allowed a Solo 401(k) Plan to make traditional as well as non-traditional investments, such...
Read Post
Use Your Solo 401(k) to Purchase Real Estate A Solo 401(k) to purchase real estate is a wise choice. Previously, we explained how a Solo 401(k) works and how you can benefit from this plan. So, you know that a Solo 401(k) was created by the IRS to specifically aid:Self-employed...
Read Post
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....
Read Post
A Solo 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 401(k) plan is perfect for any sole proprietor, consultant, or independent contractor. Solo 401(k) eligibility rules are pretty straight forward.To be eligible...
Read Post
A Solo 401(k) plan is an IRS approved retirement plan, which is suited for business owners who do not have any employees, other than themselves and perhaps their spouse. The “one-participant 401(k) plan” or individual 401(k) Plan is not a new type of plan. It is a traditional 401k plan...
Read Post
A SIMPLE IRA plan is similar to a Solo 401(k) Plan in that it is funded by employee deferrals and additional employer contributions. However, unlike a Solo 401(k) Plan, a SIMPLE IRA plan uses an IRA-type trust to hold contributions for each employee, rather than a single plan trust that...
Read Post
Solo 401(k) vs SEP IRA There are many advantages that come with self-employment, but saving for retirement often serves as a problem. Because you can no longer depend on the 401(k) plan your employer sponsors, you must now create and fund your own retirement plan. For many years, self-employed individuals and small...
Read Post
Get a Free Consultation 