All Forum Posts by: Robert Reineri

Very informative thread guys, thanks!

@Todd Goedeke

I don't think that works. There is a mandatory 20% withholding, no matter how the money comes out of the account. It would be up to the trustee (me) to do so.

Perhaps @Carl Fischer or @Brian Eastman can confirm.

 As you can see, Brian, I got the @ sign working. Turns out the browser on my mobile phone doesn't give me the option to select a name, but Firefox on my PC does. Thanks again for the tip.

@Brian Eastman

Not sure what I'm doing wrong, but my @ symbol names don't seem to be highlighted like in other posts.

@Brian Eastman

Thank you for the tip Brian, and the clarification! Sounds like a plain old IRA is the way for me to go, since I'm primarily concerned with distributions at this point in time .

I've also read that you can't have 0% withheld from an IRA distribution and then have 100% withheld from the final distribution of the year to pay your taxes.

This would even be a better situation for me  since I would have a very good idea  of exactly what my tax liability was going to be  at that point .

Thanks, mate.

Hi Brian, thanks for the response. 

Is it actually 20%, or do you have a choice as with an IRA? (ie, 0%, 10%, 12.6347% ?

I was recently told that  for a solo 401K distribution ,  it was required that you sent 20% withholding  to the IRS by the 15th of the following month .  I am over 59 and a half .

This seems odd to me since in a regular IRA, you can specify no withholding and make quarterly payments. Even better, you can make an entire tax year payment from the last distribution of the year and incur no late fees. This is because it's treated as having been paid throughout the year as long as it's done automatically through the IRA custodian.

I'd like to look into a solo k, but I'm not about to start loaning the IRS interest free money throughout the year.

I'm not going to name the company, but I was given this information directly by a solo 401K provider. Was I given bad information or is this simply something peculiar to the 401K?

Converted on October 1st. So for this tax year, I'll have 3 months of depreciation and all those other "taxy" things, right? (Rented the property in one day on market).

My question concerns the split between personal and rental property deductions. For example, do I report 75% of my mortgage interest on Schedule A and 25% on Schedule E? Similar question  for property taxes, etc.

Thanks!

Only a few weeks until the New Year, and the Solo 401k loan I took in October, rather than a distribution so I could defer taxes, will be coming up for another payment in January.

Should I just default on the loan (and of course, count it as income for 2019) or should I take the money out to pay it back? It seems simpler and more straightforward to just default and declare the income, rather than take the money out and immediately put it back in to pay the note.

Anyone have experience with this? Does a certain amount of time have to pass without payment to "default" on the note? Does it look better to "pay it back" ? 

Thanks Gerorge for clarity. I have reached retirement age :-)