Author Archives: Mark Nolan

Number of 401(k) Millionaires Up End of 2018

According to a Fidelity Investments analysis of over 30 million retirement accounts, the number of 401k millionaires increased by 34% to $133,000 since the end of 2018. The number of IRA millionaires also increased from 138,800 to 168,100 in the 4th quarter of 2018. Following are some other key items from the quarterly analysis: Balances […]

Bill Reintroduced by Senators to Create Federal Retirement Commission

It has been 4o years when Jimmy Carter was president since a federal commission has conducted a survey as extensive as the one (Federal Retirement Commission Act) reintroduced on May 14, 2019 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ). The commission would be made up of the Secretaries of Treasury, Labor and Commerce, […]

Partial In-Plan Roth Solo 401k Conversion of Real Estate Held in Pretax Solo 401k Account

If you solo 401k plan allows for Roth solo 401k designated account funds, physical real estate held in the pretax solo 401k holding account can be fully or partially converted in-kind to the Roth solo 401k designated holding account. In this blog post we will discuss the logistics and rules for processing partial in-plan conversions […]

Tastyworks Solo 401k Trust

With a self-directed solo 4o1k from My Solo 401k Financial,  Tastyworks can open a holding account. When you get started with Tastyworks online application, make sure you select Trust and Cash account. Make sure to provide the name of the solo 401k plan that you opened through My Solo 401k Financial and also provide the employer identification (EIN) for […]

Foreign Person Tax Rules Apply to Solo 401k Distributions

After meeting certain distribution triggering events(e.g., age 59 1/2, no longer being self-employed), U.S. income taxes still apply if you live abroad and take solo 401k distributions.  The required mandatory federal tax withholding jumps from 20% to 30% . You may get some of the withholding back if a more favorable tax rate applies according […]

DOL Opinion Letter Helps Determine if Independent Contractor Status of Virtual Marketplace Workers Can Open a Solo 401k Plan

Solo 401k plans are for the self-employed including independent contractors. The Department of Labor (DOL) recently released opinion letter (FSLA2019-6) that sheds light on who is considered an independent contractor (e.g., drivers for Uber and Lyft transportation services) in the  “virtual marketplace” economy. The DOL letter specifically answers  whether service providers working for a virtual marketplace […]

GOA Issues Report on Qualified Plan,Which Includes Solo 401k, Early Distributions and Participant Loans

On Mach 9, 2019 The United States Government Accountability Office (GAO) released a report titled Retirement Savings: Additional Data and Analysis Could Provide Insight into Early Withdrawals. The purpose of the report is to bring to the forefront events that cause qualified plan including solo 401k participants to make early distributions from their retirement plans.  […]

Turn 457b Into Solo 401k with Checkbook Control for Real Estate

QUESTIONS: Good morning. I am inquiring into the feasibility of rolling over my Deferred Compensation plan from a former employer into a self directed Solo 401K.  I plan to invest the funds into real estate, specifically flipping and buy/hold. I am interested to know if this is feasible, and if so what are the tax […]

Investing Solo 401k Plan in Fundrise (1099-DIV, UBIT)

QUESTION: I have initiated investing in Fundrise eREIT.  I received this message below.   Before I approve investment please confirm that this is an acceptable investment for my Solo 401K.  It is my understanding, that I as the trustee would keep the tax document records, and will not have to report any special forms to […]

Solo 401k Provider for RIAs

QUESTION: We are a wealth planning firm in Houston and in researching after-tax solo 401k plans we ran across your website. Schwab, Fidelity, TD etc. plan docs don’t allow for after-tax contributions to solo 401k plans. Do you all ever collaborate with RIAs?  Can you all handle the plan doc and administration while the account […]

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