Author Archives: Mark Nolan

Solo 401k Loan for Business Financing & 401k Business Financing Plan

If you are seeking to use your retirement funds for business financing and currently have retirement funds in various former employer plans and IRA accounts, the financing of the business can be done using solo 401k funds through a solo 401k participant loan or using the 401k business financing plan (also known as a ROBS […]

TSP LOAN OFFSET QUESTION

QUESTION: I had an outstanding TSP loan that I had to “settle” before I could have my funds rolled over into my Solo 401k (I chose not to repay it at the time).  The loan has been “closed” via TSP and declared a taxable distribution, but I received the attached letter stating I have 60 […]

Roth IRA for Working Kids

If you child or grandchild has earned income, then he or she can open a Roth IRA and make annual contributions. While the kid/child needs to have earned income in order for contributions to be made, the contribution can come from their parents, uncles, god parents or any other individual. The Roth IRA regulations do […]

Business Financing 401k Flow for Subsequent Stock Investment in the C-Corporation

QUESTIONS: How does the release of funds work after I open the C-corporation that is funded with my business financing 401k plan? I guess my question is, do I need to send some sort of request every time I need to use the money, does it need to get approved, or the money is available […]

403b can I use it to fund my business?

403b QUESTION: I am thinking about using my 403b funds to fund my business, can this be done and would like to know how the process works timing, and fees associated with it. 403b ANSWER: While a 403b cannot invest in one’s own business, yes a 403b can be transferred to the business financing 401k […]

Can Unemployed Spouse Transfer Funds to a Solo 401k Plan?

QUESTIONS: My wife (unemployed) has funds in her teacher pension account from a previous employer.   Can she roll those funds over to the Solo 401k in the trust ?  What are the rules on that ? If not. And if were to simply pull those funds out of her account early and pay the […]

Short Term Loan |60-Day Distribution | 20% Federal Tax

QUESTION: Can I take a short term loan out of my Solo 401K? I want to take 5K out for 1 week and put it back. ANSWER: While the minimum solo 401k participant loan amount is $1,000, the rules do allow for early payoff of the loan with no pre-payment penalties. If you’re trying to […]

Looking to Use my 401k to Start a Business where I am day trading

QUESTION: I found out about your company doing a google search. I am looking to use my 401k to start a business where I am day trading and investing the money into other business ventures.  The stock day trading would only be for myself and I wouldn’t have anyone’s money that I would be managing […]

Use Solo 401k for Car Wash Investment

QUESTION: I have an opportunity to invest in a car wash in CA. I will be partnering with a local, experienced car wash operator who will be responsible for the car wash operations. My role is to provide equity and oversight. My goal is to participate in the revenue upside. My understanding is that Business […]

Transfer 403b to a Solo 401k Plan

Can a 403(b) be transferred to a solo 401k plan? Yes a 403(b) plan can be transferred to a solo 401k plan. What is an IRC Sec. 403(b) plan? Similar to a solo 401k plan, an IRC Sec. 403(b) plan is a retirement plan that allows employees to make employee/salary deferrals. However, unlike 401k plans, […]

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