Tag Archives: participant loan

Sole Proprietor Plans (Solo 401k Plan, SEP IRA and SIMPLE IRA)

The simplest business to form is a sole proprietorship—an unincorporated business entity owned by one person. A sole proprietorship is not registered with the state like an LLC or Corporation, for example. Therefore, the various self-employed plans as generally sponsored in the individual’s name. While sole proprietorships can have employees, many entities are owner-only businesses. […]

Solo 401k Loan Interest Rate Increase Prime Rate Plus One

The cost of borrowing form your solo 401k plan just increased from 4.50% to 4.75%. In several communications, the IRS has consistently stated that a fair interest rate payment on a 401k participant loan is the prime rate plus one point.  The new prime rate of 3.75% went into effect this week.  It was previously […]

Solo 401k Participant Loan Facts: Borrowing from My Solo 401k

Once the solo 401k has been funded, there is no waiting period for processing a solo 401k participant loan. You, as trustee/participant can take a loan/borrow from Solo 401k for any reason. Following are some quick facts regarding the solo 401k participant loan rules. Each participant can borrow from the solo 4o1k provided each has […]

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