- Contributions can be made if you have earned income
- You contribute already taxed funds (after-tax funds) to a Roth IRA
- You cannot take a tax deduction for your Roth IRA contribution like you can for a Traditional IRA
- You can make Roth IRA contributions both before and after age 72.
- Qualified withdrawals are income-tax free (a withdrawal made after any Roth account has been established for 5 years and the Roth owner is over the age of 59 ½ or qualifies for the first-time home buyer exception or the distribution is due to the account owner’s death or disability)
- You can also have and contribute to a spousal Roth IRA, based on your income even if your spouse has no earned income
- Withdrawals of converted amounts may be subject to the 10 percent early distribution penalty if the 5-year exclusion period has not been met (this is a separate 5-year period from the one noted above) and the Roth owner is under age 59 ½ at the time of the withdrawal
- Roth IRAs are exempt from Required minimum distributions for owners only
- The SECURE Act changed the distribution rules for Roth IRAs inherited by non-spouse beneficiaries starting in 2020. Other than those non-spouse beneficiaries who are disabled or chronically ill, most beneficiaries will be required to empty out the inherited Roth IRA within 10 years (known as the 10 year rule).
- All contributions and distributions must flow through the Roth IRA not the LLC.
ROBS 401k Funding Process
Solo 401k Contributions Including Mega
Checkbook IRA LLC
About MySolo401kWe help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as well as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
Connect with us
We’re here to help.
8:00 am - 4:00 pm PTWhy us?