Tag Archives: Solo 401k

Can I contribute to a solo 401k, Roth IRA and Traditional IRA for 2017?

Contributions to IRAs and Roth IRAs are aggregated. This means that you cannot contribute $5,500 to each type (i.e., traditional and Roth IRA); however, you can contribute some to each up to the $5,500 combined limit. If you are aged 50 or older in 2017, your IRA contribution increases to $6,500. TRADITIONAL IRA CONTRIBUTIONS: While […]

Form 5498 Does Not Apply to Solo 401k Plans

Form 5498 does not apply to qualified plans including solo 401k plans. This form only applies to IRAs. See:https://www.irs.gov/pub/irs-pdf/f5498.pdf https://www.irs.gov/pub/irs-pdf/i1099r.pdf   Unfortunately, financial institutions that process IRA distributions as 60-day rollovers instead of processing the movement of funds as a “direct-rollover” to a solo 401k plan or full-time employer 401k plan will incorrectly inform the […]

Transfer/Restate Ascensus Solo 401k to a Self-Directed Solo 401k

Those existing solo 401k clients of Ascensus that want to convert their existing solo 401k plan to a self-directed solo 401k that will allow for checkbook control for investing in alternative investments such as bitcoin, real estate, metals, tax liens, and private equity can do so by restating their Ascensus solo 401k plan to a […]

Airbnbn Solo 401k Rental Income – UBIT Considerations

Question: If I rent real estate owned by my Solo 401k via Airbnb, will the rental income be subject to unrelated business income tax (UBIT)? Answer: While the UBIT rules are complex and depend on the facts and circumstances, short term rental income earned from real estate owned by a Solo 401k will generally be […]

Margin Account and Solo 401k

1. There will be no problem with me and my wife both getting a solo 401k, right?  We can both be considered self employed. Yes provided that you are both working in the same self-employed business. 2. Would a margin stock account within a solo 401k be worth it?  It sounds like you get taxed […]

Can My Business Loan Funds to My Spouse’s Solo 401k Plan?

QUESTION: My wife has a solo 401k account and would like to flip a house.  Can my business give her a 60% LTV mortgage on the house for her 401k to purchase?  Neither of us would benefit in the transaction vs. using a bank mortgage, but it would make it a quicker deal and the […]

In-Kind Solo 401k Distribution to Satisfy Required Minimum Distribution (RMD)

QUESTION: I will turn age 70 1/2 soon and want to know if I have to take my solo 401k required minimum distribution (RDM) from my solo 401k, or I can just take it from my Traditional IRA. Also, I invested all of my solo 401k funds in real estate, so I don’t have any […]

Mother and Daughter Solo 401k Plan

QUESTION: If I pay my daughter to do some work, may I bring her to the solo 401k plan? Thanks, ANSWER: First, it is important to understand that a solo 401k is for owner-only business. No, your daughter cannot participate in your solo 401k plan if your self-employed business is a sole proprietor since the […]

Solo 401k Plan Update to List New Self-Employed Business Sponsor

QUESTIONS: Due to the expansion of my wife’s business, I have a few questions regarding my wife’s Solo 401k: 1. She will begin to take other real estate agents as her associates, they are not her employees. She wants to setup a new LLC for this. How will this impact her current solo401k? Does she […]

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