Harvard Law Attorney George Blower explains whether you can rollover a required minimum distribution (RMD) from a Solo 401k to an IRA.
Sidedoor 401k: Can I contribute Required Minimum Distributions (RMDs) from an inherited IRA into my Solo 401k?
Please check out this good question from our one of our daily My Community Q&A Webinars. Subscribe to our YouTube Channel to get notifications of our Daily FAQs. Can I take a Solo 401k Loan to satisfy my Required Minimum Distribution (RMD)? QUESTION: I have a solo 401k that I have been contributing to for several years. As […]
Individual 401k FAQ – Do I have to take an RMD If I transfer my Roth Solo 401k to a Roth IRA?
Your required minimum distribution (RMD) is the minimum amount you must withdraw from your self-directed solo 401k account each year. Unfortunately, you can’t keep funds in your solo 401k funds indefinitely. You have to start taking RMDs from your solo 401k once you turn age 72. However, for the first RMD, the IRS allows you to […]
With the passage of the 2019 SECURE Act and the proposed regulations regarding RMDs that were published earlier this year in 2022, the so-called “stretch” IRA has been officially eliminated in most cases when the beneficiary is not the spouse. As a result, most non-spouse IRA beneficiaries are now required to empty their inherited IRAs […]
Knowing when to commence or to continue to take Required Minimum distributions can be quite confusing, as the dates vary based on when your first reach age 72 and if you have already been making RMDs. We’ve put together the following post to help solo 401k participants understand the RMD deadlines. Existing (Ongoing Distributions) For […]
The requirement to make Required Minimum Distributions from your solo 401k is back for 2021. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed plan sponsors to suspend required minimum distributions payable in 2020. There is no similar relief for 2021. Required minimum distributions for 2021 must be paid no later than December 31, […]
Last week The U.S. Senate Finance Committee had a hearing to discuss plan changes in 2021 for retirement plans including 401k, solo 401k, 457b and 403b. Here are some of the possible changes discussed: Allow for higher catch-up contributions for those age 60 or older. Increasing the the required minimum distribution (RMD) age from 72 […]
Last Updated November 24, 2022 For required minimum distributions (RMDs) beginning January 1, 2022 and after, the IRS on Nov. 6 issued final regulations that update the life expectancy and distribution period tables used for purposes of determining required minimum distributions (RMDs) from IRAs and qualified plans such as solo 401k plans. The main takeaway […]
