Author Archives: Mark Nolan

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 […]

How to Title Self-Directed Solo 401k Alternative Investments

Titling Solo 401k Investment

Unlike equities where the investments automatically get titled in the name of the self-directed solo 401k plan since they are made under the brokerage account, the same is not the case for alternative investments which include real estate, private equity/placements, tax liens, precious metals, and promissory notes, etc. Titling the Alternative Investment As an illustration […]

Property Manager Issued Form 1099-MISC for Self-Directed Solo 401k Owned Property

https://www.mysolo401k.net/

BACKGROUND & QUESTIONS: Last year we hired a property management company to manage the 4-plex apartment building I own in the self-directed Solo 401K. The company issued a 1099 with the gross rental income for 2021.  How do I notify the IRS that this “income” is part of my 401-K and therefore not taxable? ANSWER: […]

Items to Consider if You Plan to Process a Self-Directed Roth Solo 401k Pretax In-Plan Conversion in 2022

Roth solo 401k Pretax In-Plan Conversion

SECURE Act 2.0 Approved on March 29, 2022 by the House of Representatives Still Needs Approval by the U.S. Senate

On March 29, 2022 the House of Representatives approved SECUR Act 2.0 formally known as The Securing a Strong Retirement Act of 2022 (H.R. 2954) which is intended to add more provisions to the original SECURE Act. The new also includes provisions from the Retirement Improvement and Savings Enhancement (RISE) Act that came out of […]

Not Enough Total Earned Income to Contribute to Both a Roth IRA and a Self-Directed Solo 401k

Do Roth IRA Contributions Reduce my annual solo 401k contribution amounts? No, Roth IRA contributions do not count toward your solo 401k annual contribution limit. However, Roth IRA contributions do count towards your total IRA contribution limit. So, if you contribute to both a Roth and traditional IRA, the combined amount can’t exceed the annual […]

New IRS Beneficiary Distribution Rules For Solo 401k and IRAs Effective for 2022 & Later Years REG-105954-20 & SECURE Act

Last month (February 2022), the IRS finally published (see REG-105954-20) updated beneficiary distribution rules (the distribution rules for those who inherit IRAs, an d 401k plan funds including solo 401k). These rules replace the rules last published in 2002 and also encompass many of the provisions found in the SECURE Act of 2019 which then […]

Schwab TD Ameritrade Merger Impact on Existing TD Ameritrade Individual 401k/Solo 401k Account Holders

While over the years many advisors have converted their clients existing self-employed individual 401k/solo 401k from TD Ameritrade to a self-directed solo 401k with our firm, so far this year we have seen a large spike in the number of advisers inquiring and/or using My Solo 401k Financial to restate their clients existing individual 401k/solo […]

Transfer Tax-Exempt Pay for Serving in a Combat Zone Thrift Savings Plan (TSP) to a Self-Directed 401k (aka Roth Solo 401k)

Thrift Savings Plan (TPS) funds may be transferred to a self-directed solo 401k.  What is more, as long as the self-directed solo 401k plan allows for Roth solo 401k funds, contributions that were made to the Roth subaccount of TSP  from tax-exempt pay may be transferred to the Roth designated subaccount of the self-directed solo […]

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