Robert Pickles
Feedback on MidAtlantic IRA
22 September 2018 | 15 replies
@Kim BlattYou may want to look into a self-directed solo 401k plan if you are looking for ultimate control over your retirement funds.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).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 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.)
India Estes
Assigning an offer to purchase?
31 July 2007 | 9 replies
I always heard there are two things that you need to make a contract binding, 1 is a contract with the seller's and the buyer's name agreeing to the terms and 2 something of value, whether it's money, valuable jewelry, or something else.
Christopher Gravillis
Good Florida Real Estate Attorney Any Ideas?
10 September 2007 | 1 reply
Maybe I'm just being a bit stingy but I thought I would get some advice/suggestions before handing over my oh so precious credit card details.
Account Closed
when do I assign
15 December 2007 | 10 replies
Having clear title is extremely important, but holding off on marketing the property for 1-5 days for the title company to find out if the title is clear is not a good use of precious days UNLESS you have a strong suspicion that the title is not clear.Teasing an investor with a property with a title issue is not promotive of satisfied customers.
Larry Karp
What clothes DoYou Wear To Meet Sellers?
21 January 2008 | 12 replies
:wink: I wear a button front shirt- tailored with 3/4 sleeves, black dress pants and low heels-- no jewelry but my wedding ring and Timex-type watch.
Bobby Griffin
Help!!Tenant proposing law suit...need advice
16 January 2008 | 9 replies
Not too many years ago, the LAW in Omaha was (after the proper court papers and proceedings) when it was time to set them out, the landlord set the stuff at the curb--there was no requirement to protect the belongings at that point, the tenant had AMPLE opportunity to remove their precious antiquities.
Joshua Dorkin
Bush Proposes Stimulus Package of 1% of GDP - Thoughts
21 January 2008 | 18 replies
In a real crisis a loaf of bread is worth more than any precious metal because, after all, you can’t eat gold. 8)
Jeff Something
For a retailer, what makes a good wholesaler?
15 February 2008 | 6 replies
He walked in with an oversized Scarface tshirt on, an oversized black jacket, lots of jewelry, a bandana on his head with a crooked hat over it.
Cheryl C.
What are you invested in outside of REI?
18 October 2011 | 26 replies
I also thing owning physical precious metals is a good investment long term.