Solo 401k

Solo 401k

Is there anything specifically different about an LLC that is owned by the solo401k or trust, in terms of it’s legal structure? 

May 13, 2024 | By Mark Nolan

Yes, there are specific differences in the legal structure of an LLC when it is owned by a Solo 401k (aka solo 401k LLC) compared to traditional ownership structures. Here are the key points: Disregarded Entity Status: When an LLC is owned solely by a Solo 401k, it is considered a disregarded entity for federal tax […]

Regulations
Solo 401k

DOL Final Rule – Employee Vs Independent Contractor Status Impact on Solo 401k Plans

May 11, 2024 | By Mark Nolan

Those planning to open a solo 401k, which is for owner-only businesses with no full-time non-owner W-2 employees, should be aware of the new DOL ruling for determining employee vs independent contractor status. Reason being, the 401k rules allow for the exclusion of independent contractors but not for full-time W-2 employees for opening a solo […]

Solo 401k

2024 How much income do I need to max out Solo 401k contributions? (Sole Prop/LLC/1099-NEC/Contractor)

April 23, 2024 | By Mark Nolan

This post discusses how much self-employment income a self-employed individual needs to maximize year 2024 solo 401k contributions for a Sole Proprietorship, Single Member LLC, 1099-NEC, or Independent Contractor self-employed business. For 2023 contributions, click here. For Video Slides, CLICK HERE. Year 2024 Scenario #1 – Maximize Solo 401k Contributions While Keeping Self-Employment Income as […]

Solo 401k

Vanguard Exits Individual 401k Business and Sells to Ascensus-Impact and Options for Solo 401k Account Holders

April 17, 2024 | By Mark Nolan

Free Webinar Re Cost & Investment Options for Existing Account Holders

Regulations
Solo 401k

If we hire a w-2 employee part time, will we need to adjust our Solo401K plan?

April 17, 2024 | By Mark Nolan

If you hire a W-2 employee part-time, you will not necessarily need to adjust your Solo 401k plan, provided that the employee does not meet certain criteria that would require inclusion in the plan. Specifically, a business can have W-2 employees and still maintain a Solo 401k plan as long as no W-2 employees work […]

Solo 401k

Solo 401k Tax Credit: Why can’t I add the auto-enrollment feature to my Solo 401k at Fidelity/Schwab/E-Trade/Vanguard so that I am eligible to claim the credit?

April 17, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the reasons why a Solo 401k at Fidelity/Schwab/Vanguard/E-Trade is not eligible for the Solo 401k Tax Credit.

Solo 401k

Roth IRA vs 401k: Where Should I Transfer My Mega Backdoor Roth Solo 401k?

April 16, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the considerations for those Solo 401k owners deciding whether to transfer their voluntary after-tax solo 401k contributions (Mega Backdoor Roth) to a Roth IRA vs 401k.

Solo 401k

2024 How Much Self-Employment Income Needed to Maximize Solo 401k Contributions For S-corp/C-corp/W-2/LLC Taxed as S-corp

April 12, 2024 | By Mark Nolan

This post discusses how much self-employment income a self-employed individual needs to maximize year 2024 solo 401k contributions for an S-corp., C-corp., or an LLC taxed as an S-corp, W-2 wages from the self-employed business. For 2023 contributions please click here. Video Slides: Year 2024 How Much Income Do I need to Make (S-Corporation, C-corporation, […]

Solo 401k

2024 Compensation Limits for Making Annual Solo 401k Contributions

April 11, 2024 | By Mark Nolan

Each year the IRS sets the retirement plan limits including for solo 401k plans.  These salary/compensation limits are generally adjusted annually for cost-of-living increases in accordance with Code section 401(a)(17)(B). Solo 401k Contribution Types Employer profit sharing contributions:  Resulting from SECURE 2.0, nan now be made on a Roth basis in addition to on a pretax basis. Pretax […]

Solo 401k

What are the 401k Catch-up contribution limits for 2024? | Maximizing Your Retirement Savings After 50

April 9, 2024 | By George Blower

Harvard Law Attorney George Blower reviews the 2024 Solo 401k Catch-Up Contribution Limits for those age 50 or older.

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