Author Archives: George Blower

Solo 401k

Solo 401k Tax Credit: Why can’t I add the auto-enrollment feature to my Solo 401k at Fidelity/Schwab/E-Trade/Vanguard so that I am eligible to claim the credit?

April 17, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the reasons why a Solo 401k at Fidelity/Schwab/Vanguard/E-Trade is not eligible for the Solo 401k Tax Credit.

Solo 401k

Roth IRA vs 401k: Where Should I Transfer My Mega Backdoor Roth Solo 401k?

April 16, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the considerations for those Solo 401k owners deciding whether to transfer their voluntary after-tax solo 401k contributions (Mega Backdoor Roth) to a Roth IRA vs 401k.

Solo 401k

What are the 401k Catch-up contribution limits for 2024? | Maximizing Your Retirement Savings After 50

April 9, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the 2024 Solo 401k Catch-Up Contribution Limits for those age 50 or older.

Solo 401k

How to Start a 401(k) Without an Employer | Set Up a Solo 401k for Yourself with or without a W-2 Job

April 4, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the eligibility criteria to set up a Solo 401k for self-employed individuals, freelancers, and small business owners without a W-2 job and access to a 401k plan.

Solo 401k

Can You Withdraw Roth 401(k) Contributions Early Without Penalty? | Roth Solo 401k vs Roth IRA

April 3, 2024 | By George Blower

Are you considering withdrawing your Roth 401(k) contributions early but worried about potential penalties? Many people are familiar with the flexibility of Roth IRA withdrawals, but the rules for Roth Solo 401(k) plans can be more complex. In this blog post, we will review the rules and considerations regarding withdrawing funds from a Roth Solo […]

Solo 401k

How to Report Solo 401k Contributions on Your 1040 Tax Return: A Step-by-Step Guide for Sole Proprietor/1099 Independent Contractor

April 2, 2024 | By George Blower

Harvard Law Attorney George Blower reviews how to report Solo 401k Contributions on Form 1040 for a self-employed business taxed as a sole proprietor/1099 Independent Contractor.

Solo 401k

Solo 401k for the 73+: Maximize Your Retirement Savings at Any Age

April 1, 2024 | By George Blower

Harvard Law Attorney George Blower reviews whether a solo 401k can be opened for someone who is age 73 or older.

Regulations
Solo 401k

Keep Calm and Roth On: Biden’s Budget Proposal Revives Mega Backdoor Roth Ban

March 14, 2024 | By George Blower

The Biden Administration’s Fiscal Year 2025 Budget Proposal has once again resurrected a potential ban on the “Mega Backdoor Roth” strategy. Let’s dive into the history of this proposal and what it could mean for your retirement planning. Video Slides: Proposed Ban Background and History The Mega Backdoor Roth strategy first came under scrutiny by […]

Solo 401k

Can a Sole Proprietor/Single Member LLC/1099-NEC Independent Contractors set up a plan in 2024 and make Solo 401k contributions for 2023?

March 13, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the deadline for a Sole Proprietor/Single Member LLC/1099-NEC Independent Contractors to set up a plan in 2024 and make Solo 401k contributions for 2023.

IRA LLC
Solo 401k

Custodian of Solo 401k vs Custodian of IRA Who is the Custodian of my retirement account?

March 12, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the differences between the custodian of Solo 401k vs the custodian of an IRA.

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