Harvard Law Attorney George Blower reviews the options for E*Trade individual 401k account holders in response E*Trade’s decision to no longer support non-deductible employee contributions (Mega Backdoor Roth Solo 401k) for its individual 401k plans.
Last Wednesday ( 6/15/2022) when speaking to the House committee Secretary of Labor Marty Walsh stated the DOL is open to a rule that would regulate cryptocurrency in retirement accounts. “We’re looking at potentially going through a rulemaking process moving forward on the industry as a whole, “ Walsh said. Walsh did not detail what […]
What is a Qualified Recognized Overseas Pensions Scheme (QROPS)? A QROPS is a pension arrangement sanctioned by Her Majesty’s Revenue and Customs (HMRC) agency and set up outside the United Kingdom (UK). It is used by individuals who permanently leave to the UK to take their pension savings with them to their new country of […]
The Internal Revenue Code (IRC) contains regulations including the prohibited transaction rules that apply to self-directed solo 401k plans. Violation of the prohibited transaction rules will result in taxes and penalties. The prohibited transaction rules are found in IRC Sec. 4975. One of the rules found in IRC Sec. 4975 is use of solo 401k […]
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 […]
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 […]
If your Crypto IRA is hacked and your account value goes to zero, it doesn’t matter how much you have made investing your retirement funds in cryptocurrency. Harvard Law Attorney George Blower reviews the security advantages of a Crypto Solo 401k over a Crypto IRA.
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