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26 June 2017 | 6 replies
I also have 2 accounts that I want to rollover.
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15 June 2017 | 5 replies
Do I need to quit my job to roll over my 401k?
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28 August 2017 | 11 replies
If the units are going to be auction off at tax sale the banks that has the first TD will pay the taxes at the last minute or the have the state roll over the tax bill to the following year.
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5 June 2017 | 6 replies
I have a rollover IRA and another 401k.
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27 November 2016 | 7 replies
@Jarrett LukasWhat you are looking for is what is referred to as a Rollover as Business Startup.
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23 January 2017 | 7 replies
I understand that there is a way to roll over funds from a 401K into a IRA; self directed I think.Has anyone done that?
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22 January 2020 | 11 replies
The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m);The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2017, the solo 401k contribution limit is $54,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)
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21 August 2017 | 8 replies
Once this is completed, you should be able to roll over your 401K into your Self Directed Solo 401K.
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22 July 2017 | 12 replies
I had a situation on my '15 taxes where I had some roll-over passive losses from rental properties that had been accruing for years and my CPA could finally apply them when I sold some rental properties.
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11 February 2020 | 20 replies
@Brian T.The funding mechanism you are outlining is what is known as a Rollover as Business Startup (or ROBS), and is commonly used to capitalize an active business - whether that be a restaurant, insurance agency or real estate development company.