With a Self-Directed Solo 401k Plan offered by Sense Financial you now can make High Contributions, borrow up to $50,000, have checkbook control over your retirement funds and use them to invest in real estate, notes, start-up businesses and much more, tax free!
Self-Directed Solo 401k (also known as Individual K or Owner-Only 401k) is the Ultimate Qualified Retirement Plan designed for those people who work for themselves without any full-time employees, other than their spouse – in any capacity or structure (e.g. sole proprietorship, partnership, LLC, corporation, or independent consultant, etc.). This Plan allows self employed contractors and owners of small businesses to invest their retirement funds into a wide variety of investment options, including real estate, tax liens and tax deeds, businesses, and precious metals. The plan participant can also make investment decisions on their own on a tax free basis without consulting a custodian. This flexibility enables account holders to take advantage of their own knowledge and experiences to explore limitless investment opportunities, diversify their portfolio, and enjoy a brighter growth prospect.
Considered the most innovative among IRS- approved retirement plans, Solo 401k allows account holders to make the most of the tax deductible advantage by increasing Solo 401k Contribution Limits to $59,000 annually. Account holders are now allowed by Solo 401k Rules to take out a loan of up to $50,000 from the account for any reason and also to channel their investment funds into any asset except collectibles. Are you one of those investors who prefer real estate or private businesses over traditional stock and bond? Do you want to increase your tax deductible contributions? Want to have the option to borrow up to $50,000 from your retirement fund, for any purpose including personal use, without any tax or penalty? At Sense Financial, we have the right retirement plan solution for you!
Solo 401k Plan Benefits:
- Contribute almost 10 times more than with a Traditional or Roth IRA, with a limit of up to $59,000 per year
- An additional $59,000 contribution from your spouse is allowed if he or she is also involved in the self-employed business
- Choose among real estate, private businesses, notes, tax liens and tax deeds, precious metals or other investments of your choice
- Take out a loan of up to $50,000 from your retirement plan for any financial needs
- Act as the trustee of your account and forgo the need for a custodian
- Contribute up to $24,000 into an after-tax Roth sub account
- Invest in real estate with non-recourse financing without triggering UDFI tax
- Diversify your investment portfolio and minimize risks associated with your retirement nest!
- Enjoy tax free growth with a Roth sub-account!
- Catch all investment opportunities with timely decisions and without approval from any custodian!
Solo 401k Establishment Service Includes:
- Adoption Agreement
- Basic Plan Document
- PPA Amendment
- Summary Plan Description
- Trust Agreement
- Appointment of Trustee
- Action by Board of Directors
- Beneficiary Designation
- Loan Procedure
- Loan Documentation
- Transfer Request Forms for incoming funds transfers
- Employer Identification Number (EIN) obtained from the IRS for your Solo 401k Trust
- IRS Determination letter stating that this is a Prototype Plan that meets the requirements of a qualified plan
Annual Solo 401k Compliance Service Includes:
- Unlimited client support
- Assistance with filing of tax forms 5500-EZ and 1099-R (when required)
- Maintenance of Plan Documents to ensure IRS-compliance
- Provide Customized Transfer/Rollover Forms
- Assistance with Rollover/Transfer
- Interim Plan Amendments as required by the IRS
- Turnkey Process for Solo 401k Bank Account
- Calculation of Annual Contribution Amounts
- GUST, EGTRRA & PPA Documents
- State-of-the-art Client Portal