Solo 401k

Solo 401k

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

April 30, 2018 | By Mark Nolan

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 […]

Solo 401k

Use Solo 401k for Car Wash Investment

March 16, 2018 | By Mark Nolan

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 […]

Solo 401k

Form 5498 Does Not Apply to Solo 401k Plans

February 4, 2018 | By Mark Nolan

Form 5498 does not apply to qualified plans including solo 401k plans. This form only applies to IRAs. See:https://www.irs.gov/pub/irs-pdf/f5498.pdf https://www.irs.gov/pub/irs-pdf/i1099r.pdf           Unfortunately, financial institutions that process IRA distributions as 60-day rollovers instead of processing the movement of funds as a “direct-rollover” to a solo 401k plan or full-time employer 401k plan […]

Solo 401k

Who is Not Required to Take a 2018 RMD by December 31?

January 31, 2018 | By Mark Nolan

While most solo 401k owners who are 70 ½ or older will need to take a 2018 required minimum distribution (RMD) by December 31, 2018. However, that deadline does not apply to all solo 401k owners. Solo 401k owners who are age 70 ½ or over are not required to be take an RMD from their solo 401k by […]

Solo 401k

Transfer/Restate Ascensus Solo 401k to a Self-Directed Solo 401k

December 5, 2017 | By Mark Nolan

Those existing solo 401k clients of Ascensus that want to convert their existing solo 401k plan to a self-directed solo 401k that will allow for checkbook control for investing in alternative investments such as bitcoin, real estate, metals, tax liens, and private equity can do so by restating their Ascensus solo 401k plan to a […]

Solo 401k

New LLC Creation for Solo 401k and my husband’s IRA

November 4, 2017 | By Mark Nolan

I emailed last month about creating a new LLC that would have 2 members – my Solo 401k and my husband’s IRA. Both retirement funds would contribute (different amounts) so that we could purchase 1-2 properties. We would like to have your company create that LLC for us.  I do have a couple of questions: […]

Solo 401k

Can I transfer Existing Solo 401k Funds to an IRA?

September 27, 2017 | By Mark Nolan

QUESTION: Will I be able to rollover some of my 401k solo funds to another trading IRA account ? ANSWER: The solo 401k already allows for investing in stocks or mutual funds, so we can assist you in opening a Fidelity or Schwab brokerage account, for example. However, if you still want to transfer some […]

Solo 401k
Solo 401k

Self-Directed 401k for LLC Self-Employed Business

September 18, 2017 | By Mark Nolan

BACKGROUND & QUESTION: I currently have a 401k with my previous employer in a Voya account. I started an LLC recently in PA and was considering options for setting up a self directed 401K, and came across your website. This LLC is brand new and I am currently the only employer. My primary interest is […]

Solo 401k

Reporting Solo 401k After-Tax Contributions (non Roth) for an S-corp or C-corp | Form W-2

September 9, 2017 | By Mark Nolan

If your self-employed business is an S-Corp or C-Corp that sponsors a solo 401k plan, and you elect to make after-tax contributions to the solo 401k plan, you may report these contribution on Form W-2 line 14. See below. IMPORTANT NOTE: Don’t confuse after-tax solo 401k contributions with Roth solo 401k contributions as they are […]

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