Transferring personal property into Solo 401k Trust
Now that I have my Solo 401(k) Trust set up, I would like to move investment properties that I personally own into my Solo 401(k) yearly, of course, taking into value the maximum contribution per year. What is the procedure to move properties into my Solo 401(k) instead of contributing in cash form? Answer: You […]
Solo 401k multiple loans
I currently have one outstanding loan from my Solo 401k. I would like to pay it off and take another one (larger in size). Are there any problems with taking multiple loans in a short period of time? Answer: Once the 401k loan is paid off, there is a restriction on the amount of the […]
How do I order checks for the Solo 401k Trust account?
How do I order checks for the Solo 401k Trust account? Answer: There is no special procedure for ordering checks for the Solo 401k Trust. When ordering checks for the Solo 401k Trust, please note the following: The trust name (e.g. “ABC Solo 401k Trust”) must be printed on the checks as the account holder. […]
Paying for marketing to find a seller
Can my Solo 401k pay for marketing to find sellers to buy a home to rehab within the plan, such as Google PPC, website, direct mail, hiring someone to put out bandit signs, etc? Can the plan pay for an “advisor” – who is not a disqualified person – to mentor/advise on all aspects of […]
Credit card for my Solo 401k plan
Now that I set up my Solo 401k, can I get a credit card for my plan to pay for the investment related expenses and to earn rewards? Answer: No. If the bank offers a credit card for your Solo 401k Trust, then you personally will be required to sign the guarantee. You are not allowed to […]
Opening a Schwab brokerage account for the Solo 401k trust
Sense Financial Services provides the plan documents to establish your self-directed Solo 401k plan. Once your Solo 401k plan is established by Sense Financial Services, you have the freedom to set up a brokerage account in the name of your Solo 401k trust at any brokerage firm (e.g. Charles Schwab, Fidelity, E-Trade, TD Ameritrade). The […]
Property expenses which cannot be paid using trust name
How do I pay real estate property expenses which cannot be paid using the trust name, like utilities. Do I write myself a check after paying those expenses from my personal account? Answer: All expenses related to investments owned by your retirement account must be paid from the retirement account. You cannot pay those expenses with […]
E-Trade Brokerage Account for Solo 401k from Sense Financial
An E-Trade Solo 401k brokerage account with checkbook control from Sense Financial is ideal for those looking to still have option to invest in equities while also gaining checkbook control over their retirement funds. Brokerage option: continue to trade equities and grow your retirement funds tax-deferred, deposit investment gains from your Solo 401k’s alternative investment holdings (e.g., rent check proceeds […]
Can I invest in life insurance with my Solo 401k?
There are many financial experts who adamantly state that qualified plans funds (e.g., 401k) should never be used to purchase life insurance. Although it is restricted, you could use your Solo 401k to invest in life insurance. This makes sense in the following cases: You may not otherwise qualify for life insurance because of health reasons; […]
Contributions to both SEP and Solo 401K in the same year
Does the IRS allow contributions to both SEP IRA and Solo 401K in the same year? Answer: Yes, you may contribute into the SEP IRA and Solo 401K plan in the same year. However, you cannot exceed limitations of contributions in total. The Solo 401K plan is more advantageous and allows you to maximize your […]