Can a beneficiary of my Solo 401k be a non-US citizen?
Can a beneficiary of my Solo 401k be a non-US citizen? Answer: To confirm the requirements for Solo 401k beneficiary designation, please consult your tax advisor or estate planner.
How can I determine if I have earned income?
The difference between earned income and passive income is described here: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/earned-income
Can my investment income be contributed to a Solo 401(k)?
Answer: Most likely your investment income is passive income. Passive income cannot be contributed to the Solo 401(k). Contributions to any retirement account must come from the earned income of the business sponsoring the 401k plan. You may be able to designate all or a portion of your investment income as earned income, however. Please […]
Contribute to Solo 401k from multiple companies
I want to be able to contribute to my Solo 401k from multiple companies to maximize the contribution potential. How can I do this? Answer: To do this, general opinion is that you can set up a holding company for the separate companies and make the holding company the adopting company for the Solo 401k. […]
Having a current employer’s 401k plan and a Solo 401k plan
Does my current employer’s 401k plan have any effect on my Solo 401k plan, such as the contribution limit? Answer: Please see our Contribution Calculator for current contribution limits and an explanation of how to calculate them. In your Solo 401k plan, there are two types of contributions: Employee contributions (salary deferral) Employer contributions (profit sharing) […]
The bank says I have to register my trust into public record. What do I do?
The bank says I have to register my trust into public record. What do I do? Answer: When opening a trust checking account, some clients have been told by their banks, “Your trust needs to be registered with [some government organization].” This may be a bank policy, but it is not law. It is also […]
Invest off shore
Can I invest in off shore investments provided that I’m compliant with the non personal use or the prohibited transaction requirements? Answer: Please consult your tax advisor for any offshore investment advice.