Solo 401k

Solo 401k

Your options once your self-employed business hires full-time W-2 employees-close the solo 401k plan

February 12, 2021 | By Mark Nolan

Once your business employs a W-2 employee who works 1,000 hours or more during the year, you will no longer qualify for a solo 401(k) plan. Following are the typical options once your business grows and employs full-time W-2 employees. One option is to transfer the solo 401(k) to a self-directed IRA.    See the […]

IRA LLC
Solo 401k

LLC for Solo 401k & Ultimately Transfer the Solo 401k LLC to a Self-Directed IRA LLC

February 12, 2021 | By Mark Nolan

One option if you are no longer self-employed, or if you no longer qualify for a solo 401k plan because your business has grown resulting in hiring a full-time or multiple full-time W-2 employees, is to invest the solo 401k funds in  single member LLC where the solo 401k is the sole member of the […]

Solo 401k

Transfer Self-Directed Solo 401k to a Self-Directed IRA

February 3, 2021 | By Mark Nolan

Once the owner-only business owners ceases self-employment activity, resulting in having to close down the solo 401k plan, an option is to transfer the plan to a self-directed IRA. Following are the  ultimate steps that apply when closing a solo 401k plan by transferring/rolling it over to a self-directed IRA.  By transferring the solo 401k […]

Solo 401k

Items to Consider Before Processing a Conversion of Pretax Self-Directed Solo 401k funds to a Roth IRA

February 3, 2021 | By Mark Nolan

Are you considering converting your traditional (pretax) solo 401k to a Roth IRA in 2021? Consider the following before proceeding: The 2021 December 31 Deadline The deadline for a 2021 Roth conversion is December 31, 2021. This means that the funds and/or assets must be deposited from the solo 401k pretax bank/brokerage account to the Roth […]

Solo 401k

What are my Self-Directed Solo 401k options if I am no longer self-employed?

January 29, 2021 | By Mark Nolan

For owners of owner-only businesses who are no longer self-employed, and wish to close their solo 401k plan,  you have two options: Option 1: You can either take the funds from your Solo 401k as a Taxable Distribution. If you are under 59 1/2 you will pay a 10% early withdrawal penalty along with ordinary […]

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