Author Archives: Mark Nolan

Solo 401k Plan for Uber and Lyft Driver

I am reviewing your website and am considering using your services to set up a Solo 401k. QUESTION: I am currently doing contract work for Uber and Lyft and want to place all my taxable income in a Solo 401k to offset tax liability until retirement. My taxable income is well below the contribution limits […]

Freeze My Solo 401k Plan

Do I have to keep my business open to keep my solo 401K plan? Yes, generally, it would be permissible to freeze a 401(k) plan, including a solo 401k.  That said, there may be additional issues that would need to be considered, depending upon the specific situation, i.e. the employer has hired employees, the employer […]

The Wall Street Tax Act Plans to Attack 401k Plans Including Solo 401k Plans

While it is a pending bill (i.e., it has not not ye been approved) proposed by democrats in both houses of Congress, the Wall Street Tax Act would indirectly result in an across-the-board fee increase on all 401k plans including solo 401k plans. Here is what the Bill would impose on retirement plans: A financial […]

Removing Excess Deferrals When Contributing to Multiple Retirement Plans

The ERISA consultants at the Retirement Learning Center Resource regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings plans. Here is a question that was posed to an ERISA consultant at the Retirement Learning Center. “What is a plan participant’s […]

Transfer SEP IRA to SEP IRA LLC

I have $100K in a SEP IRA Opened and originally funded October of 2017 for my 2016 taxes returns (I had filed an extension). I would like to roll this over to a self directed IRA so that I can invest in real estate projects (by notes) that I am not involved in. I am […]

401k Balances Up In February Compared to December

According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI) — the average 401(k) balances were up in February compared to the 4.9 % decline in December 2018. The EBRI/ICI Participant-Directed Retirement Plan Data Collection Project is the largest, most representative repository of information about individual 401(k) plan participant accounts. As of December 31, […]

Solo 401k Plan for Rental Property Self-Employed Business

QUESTION: I own & manage rental properties.  Am I able to Solo 401k for my rental property business if I have another 401k with my employer? ANSWER:  Yes the IRS rules allow for participation in multiple 401k plans. Fore more on these rules, VISIT HERE.   However, in order to open a solo 401k plan […]

Top Items to Consider When Taking Solo 401k Distribution Including In-Kind Distributions

Here are some quick items to consider when taking distributions from a solo 401k plan including in-kind distributions of real estate owned under the solo 401kplan. Distributions including in-kind distributions of real estate from a solo 401k plan are taxed at earned income tax rates. Any taxable in-kind distribution distributed to you is subject to mandatory withholding of 20% of federal taxes, even if […]

Study Confirms Americans Happy with 401k Plans

A recent study by the Investment Company Institute confirms Americans are happy with their 401k plans due to flexibility and control. While the report does not specifically reference solo 401k plans, a solo 401k is a 401k but for the self-employed and I can tell you that our clients like their solo 401k plans because […]

Solo 401k Reporting Hinges On Certain Factors

Reporting for the solo 401k plan hinges on the factors listed bellow. Please review and let me know if you fall under any of these. Question:  When do I need to make my Solo 401(k) Contributions? Answer:  Contributions to a Solo 401k plan must be made by your business tax return due date or any […]

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