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Catch Up Solo 401k Contributions Discussed

Resulting from the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), catch up contributions can be made by both IRA and solo 401k participants who are age 50 or older. For example, solo 401k participants who have attained age 50 before the end of 2019 qualify  for the $6,000 catch […]

Solo 401k Plan for Uber and Lyft Driver

I am reviewing your website and am considering using your services to set up a Solo 401k. QUESTION: I am currently doing contract work for Uber and Lyft and want to place all my taxable income in a Solo 401k to offset tax liability until retirement. My taxable income is well below the contribution limits […]

TCJA Impact to Alimony Payments from Solo 401k Plans

In addition to impacting IRAs, the Tax Cuts and Jobs Act (TCJA) of 2017 (TCJA) also impacts alimony payments from solo 401k plans. Prior to 2019, the alimony payer (i.e. the solo 401k participant) received an above-the-line deduction and the recipient treated the alimony as income.  Now any divorce agreements adopted on or after January […]

Interesting IRA Rollover and 401k Rollover Statistics for 2018

The Investment Company Institute (ICI) release data on December 19, 2018 regarding IRA rollovers and 401k rollovers from businesses. To view the full report, CLICK HERE, and visit here for a summary from the ICI’s website. Here are some of the findings included in the report: One-third of US households owned IRAs in 2018. More than […]

ROTH Solo 401k Contributions vs Voluntary After-Tax Solo 401k Contributions

Both Roth solo 401k contributions and voluntary after-tax solo 401k contributions fall under the employee (salary deferral) contribution umbrella.  In other words, both of these contribution types are not considered employer (profit sharing) contributions, so the contributions are not tax deductible because they are considered made with post-tax dollars. Not all solo 401k plan document […]

Tenancy in Common (TIC) vs LLC Real Estate Purchase Using Solo 401k Funds

There are a couple of ways to invest both your personal and solo 401(k) funds in real estate. Both of these options are discussed here. Invest in Real Estate Under a Tenancy in Common (TIC) Under this method, title is taken in both the solo 401k owner’s name and in the name of his or […]

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