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 […]
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
The bank sent me a Form W9 to fill out for my Solo 401k trust. How do I fill it out? 1 – Fill in the name of your Solo 401k trust* 2 – Leave blank 3 – Check Other and fill in 401k Retirement Trust 4 – Enter code 1 for “Exempt payee code” […]
Affiliate program
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Are contributions required every year for my Solo 401k?
Am I required to make annual contributions to my Solo 401k plan? No, contributions are not required every year. However, note that substantial and recurring contributions can indicate that the plan was established as a permanent program, which is the design of a retirement plan. If the plan appears to be established as a temporary […]
Matching contributions for a Solo 401k
Does my Solo 401k have matching contributions? No. Your Solo 401k does not have matching contributions. Instead, it has employer/profit sharing contributions. Your Solo 401k is designed to be as flexible as possible. Because matching contributions can limit the amount contributed as employer, your plan offers employer/profit sharing contributions instead, allowing for the greatest flexibility […]
Update credit card: Solo 401k annual fee
Question: The credit card you have on file for my Solo 401k annual fee is no longer valid. I now have a new card. How do I update the card you have on file? Answer: You can update the card using following secured link:
Separate accounts
Your Solo 401k requires separate accounts per participant and per type, such as: Rollovers Employee contributions Employer contributions Roth Depending on the number of participants and types of funds within your Solo 401k, you will need to establish that number of account(s), when you are ready to fund them. For example, if you are the only participant and […]
Options for an inherited account
I inherited a 401k from my mother who passed away. Her current financial institution told me that they could not authorize a rollover and that it would need to be cashed out. Can this inherited account be rolled over into my Solo 401k plan? A 401k that you inherited cannot be rolled over into your […]
Controlled group
I expect to own a separate business with full-time employees. Will this affect my existing Solo 401k, which is adopted by my business where I’m the sole owner and the only employee? You must first determine if your businesses fall under controlled group rules, established by the IRS and Department of Labor (DOL). Purpose of […]