Author Archives: Mark Nolan

Summary of January 2020 Government Accountability Office (GAO) Report on Self-Directed IRAs Including IRA LLC | Checkbook IRA

Why did the GAO Perform the Study? According to the GAO, non-traditional IRA investments—such as real estate, certain precious metals, private equity, and virtual currency—can introduce risks to IRA participants who assume greater responsibility for navigating the complex rules that govern tax-favored retirement savings. What Does the GAO Report Examine? How much guidance the IRS provides […]

Pending CARES Act Would Provide Relief to IRA, Self-Directed Solo 401k and ROBS 401k Plans

The pending Coronavirus, Aid, Relief, and Economic Security (CARES) Act, which was introduced by Senate Majority Leader Mitch McConnell (R-KY) this week would have the following effects on retirement plans such as self-directed IRAs, self-directed solo 401k plans and ROBS 401k plans. Distributions Due Hardship The 10% early distribution penalty, which applies to distributions made […]

Deadline for Making 2019 IRA Contributions (both Roth and Traditional) Extended to July 15, 2020

As a result of the  Treasury Department and Internal Revenue Service extending the 2019 tax filing deadline for 2019 to July 15, 2020, both Traditional and Roth IRA contributions for 2019 may also be made by July 15, 2020. State income taxes will still need to be filed and paid by the normal deadline. This […]

2020 Solo 401k Contributions-Pretax, Roth & Voluntary After Tax

General Information regarding Solo 401k Contributions: NET INCOME: Solo 401k contributions are based net- income from self-employment (i.e. you can’t contribute more than you make). Business or Personal Bank Account: You can make the contributions from your business or personal checking account as long as the funds stem from self-employment income. 2020 Contribution Limit: The total contribution limit for tax year 2020 is $57,000 plus an additional $6,500 catch up if age 50 or older. For […]

The SECURE Act Extended the Deadline to Establish / Open a Self-Directed Solo 401k | Self-Directed 401k | Solo K | Individual 401k

In years prior to 2020, owner-only businesses had to establish / adopt  the self-directed solo 401k by their business year end which was December 31 for most businesses. This all changed for the better, however, for future tax years starting with 2020 due to the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) […]

A Pending New Jersey Bill Would Require Gig Economy Companies to Provide Retirement Benefits

The S.B. 94 Bill was approved by New Jersey Senate Labor Committee on February 13 and is now pending   before the Senate Budget and Appropriations Committee. This bill would require gig economy companies such as Lyft and Uber to provide retirement plan benefits to New Jersey-based workers. Other states like New York and California are […]

eQRP is Fancy Marketing Term to Refer to a Self-Directed Solo 401k Plan

A QRP stands for Qualified Retirement Plan, and the Solo 401k falls under the qualified retirement plan umbrella designed for businesses with no full-time  common-law employees. These plans allow for salary deferrals and discretionary matching and/or profit sharing contributions.  We are aware of promoter/company (Total Control Financial) that has coined the eQRP terminology which is another way to refer to […]

Use Solo 401k For Coffee Farm Investment

Can I invest my self-directed solo 401k in  a coffee farm investment in Panama? While the solo 401k rules do allow for investing in alternative investments such as farm that produces crops, the following items should be considered. The investment  by the solo 401k plan will be passive, and the solo 401k participant/trustee does not  […]

Proposed Bill: Retirement Plan Modernization Act Would Increase Auto Payout to $8,000 from $5,000

Recently, Tim Walberg (R-MI) and Gregorio Kilili Camacho Sablan (D-N. Marianas) proposed the Retirement Plan Modernization Act  which would affect terminated employees in full-time employer 401k plans in that the employer could automatically transfer their 401k funds to an IRA (this is known as an automatic IRA rollover) if the balance of their 401k funds is $8,000 or […]

ICI Study Shows Americans Are Confident 401k Plans Will Help Meet Their Retirement Goals

On January 20, 2020, the Investment Company Institute (ICI) released their 2019 study regarding Americans view on 401k plans. Here are some of the main findings: Confidence was highest, 81 percent, among individuals who hold DC (401k plans including solo 401k plans fall under this category) accounts or individual retirement accounts (IRAs). 76 percent of Americans […]

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