Mega Backdoor Roth IRA and 401k Bans NOT included in Inflation Reduction Act!

Mega Backdoor Roth IRA and 401k Bans NOT included in Inflation Reduction Act!

Is a Starter 401(k) Plan the Same as a Solo 401(k) Plan?

A Starter 401(k) plan, which was introduced on June 15, 2022 by both Reps. Linda Sánchez (D-CA) and Darin LaHood (R-IL) in the Starter-K Act , is not the same as a solo 401k plan. First, the Starter 401(k) plan is not yet effective. Second, a solo 401k plan is for owner-only businesses whereas the […]

The Senate Finance Committee Releases Its own Version of SECURE Act 2.0

The House released its own version of SECURE Act 2.0  (The Securing a Strong Retirement Act of 2022 (H.R. 2954))this past March.  On June 17, it was the Senate’s turn. The Senate Finance Committee has released an outline of its version of proposed SECURE Act 2.0- Enhancing American Retirement Now (EARN) Act.   Following are Some […]

SEC Charges Broker Dealer for Reg BI of Retirement Account Holders

On June 16, 2022 The Securities and Exchange Commission (SEC) charged Western International Securities, Inc. and five of its registered representatives, or brokers with violating Best Interest Obligation regulations (commonly referred to as Regulation Best Interest or Reg BI) when they recommended and sold an unrated, high-risk debt security known as L Bonds to retirees and other […]

Department of Labor (DOL) Onboard for Rules Surrounding Cryptocurrency

Last Wednesday ( 6/15/2022) when speaking to the House committee Secretary of Labor Marty Walsh stated the DOL is open to a rule that would regulate cryptocurrency in retirement accounts. “We’re looking at potentially going through a rulemaking process moving forward on the industry as a whole, “ Walsh said. Walsh did not detail what […]

Qualified Recognized Overseas Pensions Scheme (QROPS) Can’t be Transferred to an IRA or a 401k Including a Self-Directed Solo 401k

What is a Qualified Recognized Overseas Pensions Scheme (QROPS)? A QROPS is a pension arrangement sanctioned by Her Majesty’s Revenue and Customs (HMRC) agency and set up outside the United Kingdom (UK). It is used by individuals who permanently leave to the UK to take their pension savings with them to their new country of […]

Prohibited to Use Solo 401k Funds as Security for a Personal Loan

The Internal Revenue Code (IRC) contains regulations including the prohibited transaction rules that apply to self-directed solo 401k plans. Violation of the prohibited transaction rules will result in taxes and penalties. The prohibited transaction rules are found in IRC Sec. 4975. One of the rules found in IRC Sec. 4975 is use of solo 401k […]

The SECURE Act & the 2022 IRS Proposed RMD Regulations Results in The End of the Stretch IRA for Most Non-Spouse Beneficiaries

With the passage of the 2019 SECURE Act and the proposed regulations regarding RMDs that were published earlier this year in 2022,  the  so-called “stretch” IRA  has been officially eliminated in most cases when the beneficiary is not the spouse.  As a result, most non-spouse IRA beneficiaries are now required to empty their inherited IRAs […]

Protecting America’s Retirement Security Act would Require Spousal Consent for making Distributions from 401k Plans including Solo 401k Plans

Introduced by Representative Lucy McBath (D-GA) on March 31, 2022, The Protecting America’s Retirement Security Act (H.R. 7310)  The legislation “takes important steps to help Americans plan and save for a dignified retirement,” said Committee Chairman Rep. Robert Scott (D-VA) in a press release. Spousal Protection The bill proposes fee disclosure improvements, increasing spousal protections, and automatic reenrollment for […]

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 […]


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