One of the advantages of having a Solo 401k plan for small business is the simplified structure that requires little administrative effort. The plan owner also plays the role of the plan trustee and plan administrator. This gives the plan owner the ability to self-direct their investments, but also gives them certain responsibilities. In order […]
April 30, 2016, is the plan restatement deadline for employers using pre-approved retirement plan documents to sign an updated version of their 401(k), profit-sharing or other defined contribution retirement plans. Retirement plan documents must be revised when the law changes. In an updated web page, the Internal Revenue Service (IRS) reminds plan sponsors that document […]
Taking control of your retirement account and investing in the assets that you know, understand and can control will allow you to secure better financial future. A Sense Financial client has achieved such satisfaction using the opportunities and features presented by the self-directed Solo 401k. As a real estate developer, Michael Foley has a lot […]
Solo 401 K Eligibility Question Can you tell me what happens if one day I decide to hire full time employees in my business? Would I need to terminate the plan? Would I be able to modify the plan documents to convert the trust into a regular 401k? Could the trust continue to live on […]
First off I want to thank you for talking with me last week about the Solo 401k Retirement Plan. I do have a few other questions that I forgot to ask. Once again, thank you for answering my questions the other day. 1) Who is the Solo 401k Retirement Plan setup with? We (Sense Financial […]
According to Department of Labor Advisory Opinion in July of 2000, a Self directed IRA can enter a partnership with a disqualified person but not without complication. The original page has discussed the issue in details, with the main points summarized as below. In short, in certain situations a person can have his or her Self […]
I’m in the process of doing a 401k Rollover and have few questions Question: If my 401k Rollover is from a former employer’s 401k plan where the funds were drafted pretax, do I now transfer the funds to the Solo 401k checking or savings account? Does it matter whether it is checking or savings? I […]
Continued from Part I Question: How do I combine retirement funds from the newly formed self-directed Solo 401k with $24,600 and newly formed self-directed Roth IRA of $84,000 held in trust? Answer: The 401k funds will be in the Solo 401k Trust and IRA retirement funds will be held by the custodian. If you choose to, you may […]
I have a few more questions since all my funds are not qualified for solo 401k Rollover. Question: I have Scudder SEP IRA with $14,000, Janus SEP IRA with $9,000 and Teamster Pension $1,600. There is a cost to set up Solo 401k, then combine and put all these into one account. Do I pay the set up fee […]
I have some questions about Solo 401k plan note investing and need some additional guidance. Here are questions I couldn’t find in the knowledge base or were inspired by those that I did find: Question: If I buy notes inside of my Solo 401k and need to enter an agreement to have a 3rd party to […]
