Author Archives: Mark Nolan

Who is Not Required to Take a 2019 RMD by December 31?

While most solo 401k owners who are 70 ½ or older will need to take a 2019 required minimum distribution (RMD) by December 31, 2019. However, that deadline does not apply to all solo 401k owners. Solo 401k owners who are age 70 ½ or over are not required to be take an RMD from their solo 401k by […]

Investing a Self-Directed IRA in Notes Vs Investing a Solo 401k Plan in Notes

After physical real estate, investing retirement funds such as self-directed IRA and solo 401k funds in promissory notes secured by real estate (also known as trust deeds) is quite popular. Investing in notes is especially attractive for those not looking to contend with the challenges that can arise with real estate. Challenges from making sure […]

Consider Using Roth IRA for College Savings

With college tuition increasing each year, utilizing a Roth IRA to cover some of those college costs may be be a good idea. Also, Roth IRA contributions will not affect the amount of financial aid your student receives because Roth IRA contributions are not tax deductible. Roth IRA Distributions Roth IRA contributions can be distributed […]

TCJA Impact to Alimony Payments from Solo 401k Plans

In addition to impacting IRAs, the Tax Cuts and Jobs Act (TCJA) of 2017 (TCJA) also impacts alimony payments from solo 401k plans. Prior to 2019, the alimony payer (i.e. the solo 401k participant) received an above-the-line deduction and the recipient treated the alimony as income.  Now any divorce agreements adopted on or after January […]

Highlights of Pending The Retirement Security and Savings Act of 2018

Jointly sponsored by Senators Rob Portman (R-OH) and Ben Cardin (D-MD), the Retirement Security and Savings Act of 2018  is considered as sweeping as prior bills (Economic Growth and Tax Relief Reconciliation Act of 2001 and the Pension Protection Act of 2006). It will be interesting to see which parts of the bill if any […]

For Third Quarter of 2018 Retirement Assets Total $29.2 Trillion

According to a report released on December 20, 2018 by the Investment Company Institute (ICI),Retirement Assets Total $29.2 Trillion in Third Quarter. This is an increase of 2.8 percent from the previous quarter. The report goes on to say that retirement funds make up 33% of household financial assets as of the end of September […]

Interesting IRA Rollover and 401k Rollover Statistics for 2018

The Investment Company Institute (ICI) release data on December 19, 2018 regarding IRA rollovers and 401k rollovers from businesses. To view the full report, CLICK HERE, and visit here for a summary from the ICI’s website. Here are some of the findings included in the report: One-third of US households owned IRAs in 2018. More than […]

Roth IRA Turned 20 in 2018 & 16 Roth IRA Facts

Roth IRA contributions were first allowed in 1998 as a result of The Tax Relief Act of 1997 which created the Roth IRA. The Roth IRA was named after the now deceased Senator William Roth, Jr. (R-Del.) who lobbied the most for it. Here are some facts regarding the Roth IRA: 1. You can be over […]

Year End Items for IRAs and Solo 401k Plans

Now that the first year of the Tax Cuts and Jobs Act (TCJA) is almost past us, some IRA and solo 401k items to consider include the following. Contributions While a solo 401k plan will need to be opened by December 31 in order to be able to wait until next year to make solo […]

A solo 401k may be a good way to bridge the gap between minorities saving for retirement

A solo 401k may be a good way to bridge the gap between minorities saving for retirement according to a report by the Center for Retirement Research of Boston College. Here are some findings. The earnings and wealth gaps between whites and minorities are enormous. In 2016, the share of whites at risk in retirement […]

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