Author Archives: Mark Nolan

A self-directed solo 401k from My Solo 401k Financial may be invested in certificates of deposit (CDs) through a brokerage account at Fidelity Investments. The type of brokerage account that clients’ of My Solo 401k Financial open at Fidelity Investments for their solo 401k is referred to as a Non-Prototype Investment Only account. This means […]

While you have until December 31, 2023 to convert pretax solo 401k funds including assets (e.g., Real estate, private investments/syndicates, promissory notes as well as equities) so that the conversion is effective for 2023, make sure to start planning now as certain preparation applies. If you have not yet done so, you first need to […]

In addition to converting pretax funds held in a pretax solo 401k to the Roth solo 401k, private equity/private placement/Syndicate/private shares held in a pretax solo 401k may also be converted to the Roth solo 401k. Here are the typical steps that apply to an in-kind, in-plan conversion of a Private Equity Investment (private placement […]

I retired early from a government job through a disability retirement.  The plan allows me to work part-time as long as I don’t exceed a certain limit.  My question is:  Can I open a solo 401-K when I am receiving retirement income?  I will be 60 years old next month. ANSWER: Good question and the answer […]

I work a part-time job. Do I have to have a business to open a solo401k? ANSWER: If you are self-employed (i.e. you are reporting active self-employment income on your taxes earned from your personal effort such as income reported on schedule C and not income reported on schedule E) with no full-time W-2 employees working […]

What is the minimum dollar amount for 1099 income that I have to show on my tax return to qualify to have a Solo 401K?  Is there a specific number?   ANSWER: IRS Publication 560 (https://www.irs.gov/pub/irs–pdf/p560.pdf) which covers self-employed plans including solo 401(k) plans, simply states that you need to be performing part-time self-employment activity-it […]

QUESTION: Do I have to talk to Fidelity Investments to initiate the solo 401k promissory note? Or is that something you help with. ANSWER: Fidelity Investments Role: The only role Fidelity  or the bank/credit union where the self-directed solo 401k funds are held perform for your solo 401k is to serve as the custodian of […]