Tag Archives: loan

Court Case: Prohibited to Personally Guarantee a Loan to Your Solo 401k or IRA

A court case (James E. Thiessen et ux. v. Commissioner; 146 T.C. No. 7; No. 11965-10) from March of 2016 serves to remind us that it is prohibited for the solo 401k owner to personally guarantee a loan to his solo 401k or IRA. In this court case the IRA owners (Mr. and Mrs. Thiessen) […]

Solo 401k Common Distribution Triggers

Solo 401k providers and solo 401k owners often don’t understand that the same distribution rules that apply to full-time employer plans (i.e., those plans with full-time employees besides the business owner(s)) also apply to solo 401k plans. However, that is simply not correct.  Some solo 401k owners will ask the solo 401k provider to assist […]

Good Solo 401k Loan Payment Questions

In prepping for making solo 401k participant loan payments, I have a few questions. QUESTIONS: 1. I used a deposit slip that came with the solo 401k non-prototype account brokerage account checkbook. Is there a specific Fidelity form or some other deposit slip required? ( I am nowhere near a Fidelity branch) 2. Do solo […]

Bad Credit Business Funding Option – Use Your 401k to Start a Business

Are you an aspiring entrepreneur with bad credit? In that case you know well that financing a business with bad credit is no easy task. Even for a small business owner with good credit, access to financing from traditional sources such as banks, credit unions can be challenging.  According to the Harvard Business School “The […]