Solo 401(k) Basics
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- čas přidán 22. 08. 2024
- In today's video, Adam Bergman, Esq. and Isaac Rodriguez, a client of IRA Financial, discuss Isaac's experience with having a Solo 401(k), eligibility requirements, and all the other basics that you need to know.
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About IRA Financial:
IRA Financial Group 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 Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial, its management, salespersons or IRA Financial's in-house legal counsel. IRA Financial Group 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.
Learn More: www.irafinanci...
Good video. The guy in the white shirt needs to slow down on the rapid fire jargon though.
You can always slow a video down on youtube with the gear icon at bottom right of the video.
the guy on the left needs a bigger shirt or at least an undershirt. Yikes!
Seriously,
I work at a non-profit that has a simple ira. I live in a state that taxes distribution from simple ira's , BUT does NOT tax distributions from 401k's. Can I roll over my simple ira to a solo 401k? I would just create a small side business that might not earn any money ;-)
Hi, I have both a Roth IRA and a Roth 401K Solo. If my 1040 line 31 Sch C shows $8,000, how much can I contribute to each account?
I just learned about this option today but still confused…I have a 403B thru my day job employer that I plan on contributing full 30k max (over 50 years old)…I also doordash on the side..from what I understand, in addition to the contribution as an employee, Solo401K allows you to also contribute as an employer above and beyond the deferral limit of 30k in the form of “profit sharing” off of your earned income at 20-25%??..that is what allows total contributions to get to 66-73k range I see…am I able to contribute 30k in salary deferral in day job and then just contribute the “profit sharing” portion to the Solo401K?
I have a question about my non-prototype 401k account at Fidelity. I own 50% of a P.C. (S corporation).
Could I open a Roth Solo 401(k) or Mega Backdoor Roth Solo 401(k) with it?
If not, can I open such account by borrowing 50% of my current balance?
Thanks a lot for your time.
Is there anyway you can expand upon the part time employee qualifications/pre-requisites. I even called the IRS and got transferred around for 2 hours, no one could tell me the rules to qualify for Solo401K with part time employees. I understand that a single employee can't work more than 1000 hours to qualify. "But haven't heard about the 3 years for 500 hours." Does that mean an individual employee can't work 500 hours for 3 years to qualify? I am a single member llc. I have 4-6 'very' part time employees who all individually work way less than 1000 hours per year. Some of them have been with me for almost 3 years tho. Do I qualify? Is there a link to a resource you can post that shows the specifics of the part time employee hours/years requirements?