Invest Solo 401k with My Brosther in Same Real Estate property
Friday, June 23
To recap, I wish to have my solo 401k purchase an investment property with my brother as tenancy-in-common. We intend to split the deposit 50/50, with my share funded from my SOLO 401K. Now here's my idea: If my brother can obtain a conventional loan on his own, my SOLO 401K would then not be o...
Starting a Solo 401k Account and Holding the Funds at Betterment
Friday, May 12
BACKGROUND & QUESTIONS:I have a question about starting a Solo 401k. I really like the idea of self-directing my 401k assets, while also having the ability to take a loan from the balance. I am in the process of starting a business, but there will probably not be any significant profits for...
Solo 401k Schedule C Self-Employment and Still Working for Employer
Sunday, April 23
QUESTION 1:I am employed part time, 4 days per week, 6 hours per day for 24 hours per week. Can I open a solo 401k?ANSWER:I understand that you mean that you have a w-2 job through an employer on a part-time basis. In order to qualify for a Solo 401k you need to be self-employed. While having ...
Solo 401k Unrelated Debt-Financed Income (UDFI) and UBIT
Sunday, April 23
What is UDFISimilar to the UBIT, there is a another tax called unrelated debt-financed income () tax on IRA investment income derived from debt-financed property, proportionate to the debt on the property. HOWEVER, UDFI does not apply to solo 401k plans so this is why individuals prefer solo 4...
Solo 401k Decedent/ Death Planning Questions
Tuesday, April 11
QUESTIONS: When I die, everything passes to my wife. What has to be done so that she can continue to collect rents after I am gone?Does everything in the Solo 401k Trust (ROTH) transfer to a ROTH IRA(w/ checkbook control) in her name and she can collect rents and pay expenses? Do real estate titl...
Solo 401k Creditor Protection in Arizona
Thursday, March 30
QUESTION: I'm not to sure about my current financial situation so need to plan for the worst. Is a solo 401k plan protected from creditors as well as in in bankruptcy? ANSWER: Good question. Whether a solo 401k plan is protected from creditors, depends on your state of residence. A solo 401k is ...