Author Archives: Mark Nolan

Those planning to open a solo 401k, which is for owner-only businesses with no full-time non-owner W-2 employees, should be aware of the new DOL ruling for determining employee vs independent contractor status. Reason being, the 401k rules allow for the exclusion of independent contractors but not for full-time W-2 employees for opening a solo […]

If you hire a W-2 employee part-time, you will not necessarily need to adjust your Solo 401k plan, provided that the employee does not meet certain criteria that would require inclusion in the plan. Specifically, a business can have W-2 employees and still maintain a Solo 401k plan as long as no W-2 employees work […]

Unless your solo 401k only contains  Roth solo 401k funds, which are not subject to RMDs, you cannot keep pre tax solo 401k funds in your account indefinitely. The age at which solo 401k owners are required to commence taking required minimum distributions (RMDs) from their pre tax solo 401k funds increased to 73 starting January […]

Roth solo 401k conversions, wether pre-tax or voluntary after-tax, are reported for the year in which the funds are converted. Therefore, yes it is too late to process an in-plan pre-tax Solo 401k conversion for the tax year 2023. The deadline for making Solo 401k contributions for a given tax year is typically the tax […]