Consider Using Roth IRA for College Savings

With college tuition increasing each year, utilizing a Roth IRA to cover some of those college costs may be be a good idea. Also, Roth IRA contributions will not affect the amount of financial aid your student receives because Roth IRA contributions are not tax deductible. Roth IRA Distributions Roth IRA contributions can be distributed […]

Highlights of Pending The Retirement Security and Savings Act of 2018

Jointly sponsored by Senators Rob Portman (R-OH) and Ben Cardin (D-MD), the Retirement Security and Savings Act of 2018  is considered as sweeping as prior bills (Economic Growth and Tax Relief Reconciliation Act of 2001 and the Pension Protection Act of 2006). It will be interesting to see which parts of the bill if any […]

Program Letter Published on October 3, 2018 by the Commissioners of IRS’s Tax Exempt & Government Entities Division

When making a distribution from a 401k plan including a solo 401k plan it is important to make sure you qualify to take a distribution as triggering events apply. Types of Solo 401k Contributions and Distribution Rules      After-Tax Contributions and Rollover Contributions. The solo 401k plan participant may withdraw at any time (after completing a distribution […]

IRS Advisory Council releases its 2018 annual report

The full 2018 IRSAC Public Report is available on WASHINGTON — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2018, including recommendations to the IRS on new and continuing issues in tax administration. The IRSAC is a federal advisory committee that provides an organized public forum for discussion of relevant tax […]

Non-Recourse Loan to Solo 401k Plan for California Real Estate

QUESTIONS: I have a few Q’s and please excuse me as I have limited experience as I foray into this. non-recourse loan:  one of my sources tells me that it is default California law that the loan will be non-recourse.  California is a non-recourse state. So does the loan really need to be specifically designated […]


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 […]

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 […]

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, […]

Can I contribute to a solo 401k, Roth IRA and Traditional IRA for 2017?

Contributions to IRAs and Roth IRAs are aggregated. This means that you cannot contribute $5,500 to each type (i.e., traditional and Roth IRA); however, you can contribute some to each up to the $5,500 combined limit. If you are aged 50 or older in 2017, your IRA contribution increases to $6,500. TRADITIONAL IRA CONTRIBUTIONS: While […]

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