Separate Bank Account for Each Participant
Both my spouse and I are participants and co-trustees of our Solo 401k plan. Should we have separate bank accounts under the same Solo 401k, one for each of us? Answer: Yes, the rules dictate that you should have separate bank accounts for each participant for each type of monies. Review additional details here: Bank […]
Crypto In Your Solo 401k
Can your retirement account own crypto? Yes! Cryptocurrency and other crypto assets are allowed inside of the retirement accounts just like gold, real estate, stocks, bonds and ETFs. IRS Thoughts on Cryptocurrencies The IRS released notice 2014-21 on March 25, 2014 where they state they don’t exactly treat cryptocurrencies like currency, but rather more like […]
Solo 401k and personal taxes
Can you provide guidance on what I’m required to do on the tax/CPA side of things? What should I submit to my accountant for the plan? IMPORTANT: Note that we are not qualified to provide tax, legal or investment advice. This information is intended as general guidance only. You should always consult with an experienced tax professional […]
CARES Act F.A.Q.
We understand that the uncertainty and disruption caused by COVID-19 have led to a lot of questions including many related to retirement plan administration. While the situation has been changing on an almost hourly basis, we wanted to distribute answers to the questions we are seeing often based on the information we have at this […]
The CARES Act and the Solo 401k
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted on March 27, 2020 to provide short-term financial relief to those who have experienced adverse financial consequences from the current pandemic. The CARES Act includes expanded provisions for Coronavirus-related distributions and participant loans. Solo 401k owners can utilize these expanded provisions under the CARES […]
COVID-19 Update
We hope that you and your family are safe and healthy during this challenging time. Like you, we are monitoring the daily developments around the spread of the COVID-19 virus. While we have not experienced any issues to date, we are taking the appropriate steps to be fully prepared if that changes. Our team have the […]
Brokerage account for Solo 401k
I’d like to set up a brokerage account in the name of my Solo 401k Trust to trade options and buy some stocks. Are there any clauses or designations in the application process I need to look out for while setting up my accounts? Can I fund the brokerage account with a check from my Solo […]
Filling out a W-9 for the Solo 401k Trust
The bank sent me a Form W9 to fill out for my Solo 401k Trust. How do I fill it out? Answer: Fill out form as follows: 1 – Fill in the name of your Solo 401k Trust (refer to IRS letter for the exact spelling) 2 – Leave blank 3 – Check “Other” and […]
Affiliate Program
We are currently expanding our Affiliate Program and would like to invite you to participate. If you know or work with other investors, business professionals or any other self-employed people you can earn commissions, offer them discounts and/or provide value-added services to your own offerings. Learn more and sign up here: Affiliate Program
Buying property with owner financing
Can I buy a property in my Solo 401k from the owner who is willing to owner-finance? Answer: Yes, as long as the loan is non-recourse you may use owner-financing. Be sure to instruct escrow/title company/attorney preparing loan documents that there is no personal guarantee.