Author Archives: Mark Nolan

IRS Joint Life Expectancy Table for Solo 401k Required Minimum Distributions (RMD)

Using the joint life expectancy table generally results in a lower RMD amount. This table applies for distribution calendar years beginning on or after January 2, 2022. Use the IRS joint life expectancy table to calculate your annual solo 401k required minimum distribution (RMD) If you have a spouse who’s more than 10 years younger […]

IRS Uniform Lifetime Table for Solo 401k Required Minimum Distributions (RMD)

This table applies for distribution calendar years beginning on or after January 2, 2022. Use the IRS uniform lifetime table to calculate your annual solo 401k required minimum distribution (RMD) if you are single, or if married and your spouse is the beneficiary of the solo 401k and is NOT more than 10 years younger […]

In-Plan Roth Solo 401k Conversion of equities–Stocks and mutual funds, for example

The conversion of pretax solo 401k funds to the Roth solo 401k designated account does not have to be done in cash. Pretax solo 401k funds including equities such as stocks and index funds may be converted to the Roth solo 401k. This is referred to as an in-plan Roth solo 401k conversion of an […]

Naming Spousal Solo 401k Beneficiary Vs Naming Spousal IRA Beneficiary

Under the 401k including the solo 401k beneficiary rules the spouse of the account holder is the primary beneficiary by default.  This is true even if you failed to complete a formal beneficiary election form to name your spouse as the beneficiary of the 401k. Therefore, if you do not want to name your spouse […]

Contribute to Both a Nonqualified Deferred compensation Plan (NQDC) and a Self-Directed Solo 401k

Yes, it is possible to contribute to both a 401k plan including a self-employed solo 401k and a nonqualified deferred compensation plan. Often times, a a nonqualified deferred compensation plan is used to help supplement a high earners retirement planning. 1) Having a Nonqualified Deferred compensation Plan (NQDC) will not prevent one from setting up […]

When Does the 5 Year Holding Period Begin for Roth Solo 401k Funds?

Roth Solo 401k 5 Year Holding Period

Learn abut the Roth solo 401k 5 year holding period Rules

Advisor barred by the Securities and Exchange Commission (SEC) for Defrauding Federal Employees

On August 19, 2022 the the Securities and Exchange Commission (SEC) barred Jonathan Dax Cooke, a former broker accused of fraudulently persuading hundreds of current and former federal employees to liquidate their Thrift Savings Plan accounts in order to purchase variable annuities. The variable annuities charged significantly higher fees and provided Cooke with substantial commissions. […]

Consequences of Having Multiple Solo 401k Plans for Your Self-Employed Business

While having multiple solo 401k plans for your owner-only self-employed business including those where you have a controlling ownership is technically not disallowed, it is not only unconventional but a good way to invite an unnecessary IRS plan audit. Reasons why having multiple solo 401k plan increases the likelihood of an IRS plan audit: Reason […]

Did the Inflation Reduction Act (IRA) Impact the Self-Directed Solo 401k and Self-Directed IRA and IRA LLC?

Inflation Reduction Act (IRA) solo 401k ROBS 401k and IRA LLC

The passage of the The Inflation Reduction Act (IRA) did not have any direct impact on self-directed IRAs, self-directed solo 401k plans or IRA LLCs. Instead the main purpose of the new act (IRA) is to combat inflation, climate change, and health care costs. This is a stark difference from the Build Back Better (BBB) […]

Who is Required to Take Required Minimum Distributions (RMD) form their Self-Directed Solo 401(k) Plan in 2022?

2022 Solo 401k RMD

Your required minimum distribution (RMD) is the minimum amount you must withdraw from your self-directed solo 401k account each year. Unfortunately, you can’t keep funds in your solo 401k funds indefinitely. You have to start taking RMDs from your solo 401k once you turn age 72.  However, for the first RMD, the IRS allows you to […]

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