Tag Archives: Solo 401k Loan

Solo 401k

Solo 401k Alert! TD Ameritrade Stops Support for Individual 401k Loans – What are Your Options?

July 13, 2022 | By George Blower

Harvard Law Attorney George Blower reviews the options for TD Ameritrade Individual 401k account holders in response to TD Ameritrade’s decision to no longer support solo 401k participant loans for its individual 401k plans.

Solo 401k

Top Reasons to Upgrade Your TD Ameritrade Solo 401k to a Self-Directed Solo 401k

September 10, 2020 | By George Blower

Please check out our webinar as we discuss the top reasons why clients transfer or switch change their “free” solo 401k at TD Ameritrade to a self-directed Solo 401k with us including The process The costs The ongoing compliance support that we provide. Change TD Ameritrade to Self-directed Solo 401k Reasons to Switch Loans Mega […]

Regulations

Former Employer Plan Participant Loan Offset vs Deemed Distribution

August 28, 2020 | By Mark Nolan

While work retirement plans (e.g., 401k, 403b, and 457b) are not required to allow for participant loans, the majority of them now do. Many solo 401k plans and ROBS 401k plans get funded with former employer plan funds which may contain outstanding participant loans. Often times, the individual is not aware the outstanding participant loan […]

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Regulations

On July 29, 2020 the IRS issued a reminder that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers access funds from retirement plans and IRAs

August 2, 2020 | By Mark Nolan

The IRS issued a reminder on July 29, 2020 that retirement account (e.g., solo 401k plans) and IRA account holders affected by COVID-19 may be able to access their retirement funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided they meet one of COVID-19 requirements (see below). The Deadline As the law […]

Regulations

IRS Issues Notice 2020-50 New Guidance on CARES Act (COVID-19) Distributions from 401k Plans (solo 401k) and IRAs

June 22, 2020 | By Mark Nolan

The Internal Revenue Service (IRS) issued Notice 2020-50 on Friday, June 19, 2020. This notice is certainly welcomed by  those in the retirement account industry as it provides guidance on making distributions and taking participant loans under the CARES Act While the The IRS will continue to release more guidance on this important act, here […]

Solo 401k

Solo 401k Loan | Roth 401k Loan Rules

March 5, 2017 | By George Blower

QUESTION – ROTH 401K LOAN RULES I am an independent financial adviser with an Individual Solo 401k.  I have approximately $80,000 in pre-tax funds and $60,000 of Roth funds in my Solo 401k.  I would like to take a loan from my Solo 401k to expand my business and payoff some personal credit cards.  How much […]

Solo 401k

Securing Personal Loan Using Solo 401k Funds Vs Non-Recourse Loan to Solo 401k

February 22, 2017 | By Mark Nolan

QUESTIONS: I have a solo 401k trust and want to know about leveraging my solo 401k funds for  equity lines of credit; and reverse mortgages. Do yo also have recommendations for banks who are familiar with these type of transactions should he proceed with any of the above transactions through one of the options referenced […]

Solo 401k

Compare SEP IRA vs. Solo 401k – Advantages of a Solo 401k

February 15, 2017 | By George Blower

We often hear from small business owners who are comparing a SEP IRA vs. Solo 401k.  For those who qualify for the Solo 401k, they will almost always find that a Solo 401k has certain features that make it the better option.  This post highlights several key advantages of a Solo 401k vs. SEP IRA. […]

Regulations

Solo 401k Common Distribution Triggers

February 12, 2017 | By Mark Nolan

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 […]

Regulations
Solo 401k

Solo 401k Loan Limits

February 5, 2017 | By Mark Nolan

One of the main reasons why the self-employed open a solo 401k plan is to be able to borrow/take a loan from the solo 401k plan.  Therefore, it is important to understand how solo 401k participant loans are calculated.  If a solo 401k loan exceeds the statutory limit, the loan will be deemed a distribution […]

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