AdBits | How to Complete IRS Form 5500-EZ for a Solo 401(k)
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- čas přidán 30. 06. 2024
- IRA Financial's Adam Bergman Esq. discusses how to complete Form 5500-EZ for your Solo 401(k), which is required if your account balance is at least $250,000 as of December 31 of the previous year.
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About IRA Financial:
IRA Financial was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
IRA Financial is a retirement account facilitator, document filing, and do-it-yourself document service, not a law firm. IRA Financial does not provide legal services. No attorney-client relationship exists between the Client and IRA Financial Group, its management, salespersons, or IRA Financial’s in-house legal counsel. IRA Financial provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.
IRA Financial is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.
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Much appreciated, Adam. Great summary.
very much appreciated...one request would be not to move around the cursor while you are talking...very hard to read it. Thank you again!
Very informative. Thanks. Does anyone know what the plan characteristic for the VFIFX
Vanguard Target Retirement 2050 Fund is on the 5500 ez? Would it be code 2B?
Thanks for creating this video. If I could mention something, your pointer jumping all over the page is so confusing.. you're talking about one thing and your pointer is all over the place. On 7 you didn't explain if the sole proprietor contributing is an employer or a participant. Thanks again for explaining this
thank you for all the great information. I have a solo 401k I have been self employed since 2010 small business. The amount in the funds is 120k some years. But I keep it open and have not closed the acct. Do I have to close the acct if I am not contributing to it? I have taken no money out but every year I hope I can make enoughto do this and it does not work out. am I allowed to keep the acct open if I am not contributing to it? I am thinking about rolling over to a ira so i know at that point I need to do a final 5500ez. just wondering if what is best to do here.still in business for myself unsure how to handle this acct.
Hi - you are not able to contribute more than you earned. However, if you earn additional funds you can make greater employer contributions. Plus, you can do a Roth solo 401k component - so long as your plan allows for it.]