Author Archives: Mark Nolan

The Senate Finance Committee Releases Its own Version of SECURE Act 2.0

The House released its own version of SECURE Act 2.0  (The Securing a Strong Retirement Act of 2022 (H.R. 2954))this past March.  On June 14, it was the Senate’s turn. The Senate Finance Committee has released an outline of its version of proposed SECURE Act 2.0 9(RISE & SHINE) Act). Both bills (House & Senate) […]

SEC Charges Broker Dealer for Reg BI of Retirement Account Holders

On June 16, 2022 The Securities and Exchange Commission (SEC) charged Western International Securities, Inc. and five of its registered representatives, or brokers with violating Best Interest Obligation regulations (commonly referred to as Regulation Best Interest or Reg BI) when they recommended and sold an unrated, high-risk debt security known as L Bonds to retirees and other […]

Department of Labor (DOL) Onboard for Rules Surrounding Cryptocurrency

Last Wednesday ( 6/15/2022) when speaking to the House committee Secretary of Labor Marty Walsh stated the DOL is open to a rule that would regulate cryptocurrency in retirement accounts. “We’re looking at potentially going through a rulemaking process moving forward on the industry as a whole, “ Walsh said. Walsh did not detail what […]

Qualified Recognized Overseas Pensions Scheme (QROPS) Can’t be Transferred to an IRA or a 401k Including a Self-Directed Solo 401k

What is a Qualified Recognized Overseas Pensions Scheme (QROPS)? A QROPS is a pension arrangement sanctioned by Her Majesty’s Revenue and Customs (HMRC) agency and set up outside the United Kingdom (UK). It is used by individuals who permanently leave to the UK to take their pension savings with them to their new country of […]

Prohibited to Use Solo 401k Funds as Security for a Personal Loan

The Internal Revenue Code (IRC) contains regulations including the prohibited transaction rules that apply to self-directed solo 401k plans. Violation of the prohibited transaction rules will result in taxes and penalties. The prohibited transaction rules are found in IRC Sec. 4975. One of the rules found in IRC Sec. 4975 is use of solo 401k […]

Solo 401k Value Under $250,000 as of 12/31 but Over $250,000 During the Year

BACKGROUND: Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan applies to one-participant or “owner-only”  plans if the plan has assets of $250,000 or more at the end of the plan year.  Plans subject to the Form 5500-ez filing requirement include solo 401k plans and defined benefit plans. QUESTION: Please let me […]

The SECURE Act & the 2022 IRS Proposed RMD Regulations Results in The End of the Stretch IRA for Most Non-Spouse Beneficiaries

With the passage of the 2019 SECURE Act and the proposed regulations regarding RMDs that were published earlier this year in 2022,  the  so-called “stretch” IRA  has been officially eliminated in most cases when the beneficiary is not the spouse.  As a result, most non-spouse IRA beneficiaries are now required to empty their inherited IRAs […]

Protecting America’s Retirement Security Act would Require Spousal Consent for making Distributions from 401k Plans including Solo 401k Plans

Introduced by Representative Lucy McBath (D-GA) on March 31, 2022, The Protecting America’s Retirement Security Act (H.R. 7310)  The legislation “takes important steps to help Americans plan and save for a dignified retirement,” said Committee Chairman Rep. Robert Scott (D-VA) in a press release. Spousal Protection The bill proposes fee disclosure improvements, increasing spousal protections, and automatic reenrollment for […]

Reporting Self-Directed Solo 401k Contributions on TurboTax

BACKGROUND & QUESTIONS I have run payroll for $51,000 through my LLC.I have allocated $9000 for the employee contribution and the same was reflected in my w2.Now I am planning for an employer contribution, which is 25% of the W2 income $51,000, that calculates to $12,750. Now I can fund my solo 401k retirement account […]

Who is Required to Take Required Minimum Distributions from their Self-Directed Solo 401k in 2022?

2022 RMD Solo 401k Deadline

Knowing when to commence or to continue to take Required Minimum distributions can be quite confusing, as the dates vary based on when your first reach age 72 and if you have already been making RMDs.  We’ve put together the following post to help solo 401k participants understand the RMD deadlines. Existing (Ongoing Distributions) For […]


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