Paying for training from the Solo 401k plan
I want to expand real estate holdings in my Solo 401k into another sector, but that would require me to take a 3-day course with someone who will be a mentor to teach me this business model in order for me to do this. My question is: can I use the cash that I have accumulated in my Solo 401k to pay for this class?
Answer:
No, you can only use your 401k funds to make investments or to pay for expenses directly related to the investments owned by the 401k. Paying for training courses or classes is a personal expense and cannot be paid out of the 401k.