While having multiple solo 401k plans for your owner-only self-employed business including those where you have a controlling ownership is technically not disallowed, it is not only unconventional but a good way to invite an unnecessary IRS plan audit. Reasons why having multiple solo 401k plan increases the likelihood of an IRS plan audit: Reason […]
Self-directed Solo 401k QUESTION: Can I hold my Solo 401k bitcoin in the same wallet that I hold the cryptocurrency that I own personally?
Self-directed Solo 401k Daily Question – Can I take a loan against crypto in my solo 401k?
While over the years many advisors have converted their clients existing self-employed individual 401k/solo 401k from TD Ameritrade to a self-directed solo 401k with our firm, so far this year we have seen a large spike in the number of advisers inquiring and/or using My Solo 401k Financial to restate their clients existing individual 401k/solo […]
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 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 […]
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 […]
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 […]