Selecting the best Solo 401K Plan or Individual 401K is an extremely important decision that could impact your retirement savings.
It is crucial that ones works directly with a tax or ERISA attorney to establish an IRS compliant Solo 401K Plan. Because the Solo 401K Plan is based on IRS and ERISA law, working with anyone other than a tax or ERISA attorney is not wise. This is one reason why the IRA Financial Group is the leading provider of Solo 401K Plans. Our in-house tax attorneys have worked at some of the largest law firms in the United States, including White & Case LLP and Dewey & LeBoeuf LLP. Their legal and tax experience is unmatched in the industry and is the reason we are considered the leading facilitator of true “Checkbook Control” Solo 401K Plan structures.
Each client of the IRA Financial Group will work directly with our in-house tax attorneys to set-up an IRS compliant Solo 401K Plan or Self Directed 401K Plan. Each client of the IRA Financial Group has direct access to our in-house tax attorneys to ensure that the Solo 401K Plan is customized to satisfy the client’s retirement and investment objectives. In fact, we encourage our clients to contact our in-house tax attorneys with any legal and tax questions concerning the structure or a proposed investment to ensure full IRS compliance.
The IRA Financial Group’s tax and ERISA attorneys will take care of the entire set-up of your IRS compliant Solo 401k Plan. Our tax and ERISA attorneys are on site greatly reducing the set-up time and cost.
With IRA Financial Group’s Solo 401K Plan, you will have total control over your retirement assets while gaining the ability to make real estate and other investments tax-free. As trustee of the Solo 401K Plan, you no longer have to get each 401K Plan investment approved by the custodian of your account. This means that all assets of the 401(k) trust are under the sole authority of the Solo 401k Plan participant (you). A Solo 401(k) plan allows you to eliminate the expense and delays associated with an IRA custodian, enabling you to act quickly when the right investment opportunity presents itself.
IRA Financial group’s Solo 401K Plan offers a plan participant to make annual contributions up to $49,000 annually with an additional $5,500 catch up contribution for those over age 50, so long as the plan participant earns sufficient income from the business.
While an IRA offers no participant loan feature, IRA Financial Group’s Solo 401k Plan allows plan participants to borrow up to $50,000 or 50% of their account value (whichever is less) for any purpose, including paying credit card bills, mortgage payments, personal or business investments, a car, vacation, or anything else. The loan has to be paid back over a five year period at least quarterly at a minimum prime interest rate (you have the option of selecting a higher interest rate).
IRA Financial Group’s Solo 401K Plan is easy to operate. There is generally no annual filing requirement unless your solo 401(k) Plan exceeds $250,000 in assets, in which case you will need to file a short information return with the IRS (Form 5500-EZ).