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21 August 2019 | 19 replies
@Joe BakerGood question.Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both 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;Both are prohibited from investing in assets listed under I.R.C. 408(m); andThe 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 (CHECKBOOK 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 2016; the solo 401k contribution limit is $53,000, 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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27 May 2022 | 37 replies
That coil top stove also makes me feel dirty.Triple the photos also add inside the garage and the bathroom/ basement if there is one.
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24 October 2022 | 7 replies
Maybe a walk in shower with the window sealed up outside and inside and some nice sheet vinyl on the floor.Add a hand held shower head on a metal hose for hygienic purposes and to make cleaning the shower easier--many of them cost little, and an ADA bar or two to help prevent falls.
22 January 2009 | 3 replies
I think the problem is solved, via using a sheet metal diverter to direct the water.
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11 April 2008 | 42 replies
In the basement, there was an old rusted metal sink cabinet, with stacks of old cast iron pots and pans in/under/around it.
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26 May 2022 | 7 replies
Had him replace 2 doors today - went from wooden doors to metal doors.
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1 July 2015 | 14 replies
I have a single family house that is missing the A-Coil/Evaporator.
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18 September 2015 | 6 replies
I ripped out the 2 inch thick, metal lath/concrete/pink tile walls (that apparently were really popular in this area) so I am going to have to retile the entire shower already anyway.
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23 October 2015 | 22 replies
At my rent house, my inside coil on my A/C unit cracked and was leaking.
12 April 2014 | 4 replies
In the kitchen, old metal and wooden cabinets needed to be removed and replaced, including the kitchen sink.