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On March 29, 2022 the House of Representatives approved SECUR Act 2.0 formally known as The Securing a Strong Retirement Act of 2022 (H.R. 2954) which is intended to add more provisions to the original SECURE Act. The new also includes provisions from the Retirement Improvement and Savings Enhancement (RISE) Act that came out of […]

Do Roth IRA Contributions Reduce my annual solo 401k contribution amounts? No, Roth IRA contributions do not count toward your solo 401k annual contribution limit. However, Roth IRA contributions do count towards your total IRA contribution limit. So, if you contribute to both a Roth and traditional IRA, the combined amount can’t exceed the annual […]

Knowing the IRA direct-rollover rules is the first step in IRA portability. What is a direct rollover? A direct rollover is the direct movement of  cash or assets from an IRA to a 401k including a solo 401k. Direct movement means the IRA check is directly deposited to the solo 401k bank or brokerage account. […]

A self-directed solo 401k may be the perfect retirement plan for Keller Williams real estate agents. In addition of being a good way to supercharge retirement savings with the ability to contribute $61,000 for 2022 plus an additional $6,500 for those age 50 or older, the solo 401k eligibility requirements are a natural fit for […]

Solo 401k and IRA investors will now have the option to invest in bitcoin through the first ever bitcoin exchange-traded fund. The first-ever “Bitcoin futures ETF” is now available after 8 years in the making (the Winklevoss twins first applied for it back when bitcoin was only at $90). This week the ProShares Bitcoin Strategy […]

BACKGROUND & QUESTION: A client wants to invest in a private startup using solo 401k funds. My question is about her consulting or working with this company. What are the limitations she should be aware of?  If she invests solo 401k dollars into the company’s equity, can she not take a job with them? Can […]

While Charles Schwab also offers their onw solo 401k plan which tends to me more restrictive, a self-directed solo 401k plan from My Solo 401k Financial may be invested in equities including stock options using a Charles Schwab company retirement account brokerage account.  This is possible because you opened a solo 401k with My Solo […]

My Solo 401k Financial clients also have the option to convert their voluntary after-tax solo 401k funds held in a non-prototype brokerage account at Fidelity Investments to their Vanguard Roth IRA. The following video and procedure detail the following: How to open a mega backdoor Roth solo 401k with My Solo 401k Financial; How open […]

While the  Bank Secrecy Act requires reporting for certain foreign financial accounts to assist the Treasury Department to keep records of accounts by requiring the filing of  a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114, it appears that IRAs and 401k plans including solo 401k plans are not subject to […]

BACGROUND & QUESTIONS: My solo 401K LLC is wanting to invest (buy) in a property (airport hangar lease) by being a member of an “Investment” LLC with 2 other members. None of the other two members are related parties or prohibited parties. In the “Investment LLC” the other 2 members don’t want to be the […]