Tag Archives: Solo 401k Loan

Solo 401k Loan Limits

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 […]

Borrowing Against 401k | Can you pledge 401k as collateral?

Borrowing Against 401k Question: My Solo 401k funds are in a brokerage account at Fidelity.  This is a great option for me as I have a strong comfort level with Fidelity as I have had a brokerage account there for years.  On occasion, I will tap a line of a credit secured by my brokerage […]

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 […]

Primary Residence 401k Loan – Using Your 401k to Buy a Vacant Lot

Question: I have over $100,000 in my Solo 401k and want to take a $50,000 401k loan.  If I use the proceeds of my Solo 401Ik loan to purchase land intended to build a house for primary residence, can the term of the loan be longer than 5 years?  Must there by a residence already on the property, […]

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

Increased Maximum Solo 401k Plan Loan Amount for Those Impacted by Coronavirus (COVID-19) (CARES Act) Solo 401k plan loan maximum for a qualified Individual (defined as meeting the COVID-19 or SARs-CoV-2 conditions described below) is increased to the lesser of $100,000 or 100 percent of the participant’s vested balance. This increased amount applies to loans made […]

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