Mike Reynolds
Dispursment from 401k
7 November 2016 | 5 replies
Here is how the distribution rules generally work: Types of Solo 401k Contributions and Distribution Rules After-Tax Contributions and Rollover Contributions.
Darren Looker
Pay deferred tax in SDIRA vs. Pay capital gains each year
29 May 2017 | 17 replies
New plan contributions do have to come from your self-employment, but rollovers and transfers do not.
Craig Curelop
House Hacking Research #2- Ask/Answer any House Hacking Question!
1 May 2020 | 162 replies
With my LLC I just have it roll over to my personal taxes anyways, so there's no difference on the tax side as far as I'm aware (I'm not a tax professional though)
Catherine Decker
Converting traditional IRA/401K to Self-directed or SoloK
8 April 2016 | 5 replies
I would like to either roll-over a 401K from a former employer into a SoloK or self-directed IRA or start one.Here's what I want to know, has anyone done this?
Jack W. Wong
houston market
27 June 2017 | 27 replies
There are lenders in town that can take care of that under one roof and roll over your out of pocket on the hard money to the 30yr conventional financing.
Chris Schoonhoven
Self Directed IRA Companies & Roth tax implications
25 October 2016 | 27 replies
The following covers the Roth IRA conversion rules. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-rollovers-and-roth-conversions
Ryan Cooper
Yearly fees on Self Directed IRA (SDIRA)
13 January 2016 | 7 replies
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 bankruptcy creditors;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be directly invested in your own business startup 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 (self-directed IRA LLC) must be utilized;The solo 401k allows for checkbook control outside the LLC;The solo 401k allows for personal loan known as a solo 401k loan; If you borrow from your own IRA, it will be deemed a taxable distribution;Unlike an IRA, a Solo 401k can invest in life insurance;The solo 401k allow for high contribution amounts (for 2015; 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 his or her solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of his or her IRA; instead, a trust company or bank institution is required;Unlike an IRA, generally 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, generally 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--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 401k RMD requirement;Roth IRA funds are not subject to requirement minimum distributions (RMDs);The fair market value (FMV) of assets held in a self-directed IRA is reported on form 5498;The fair market value of assets held in a solo 401k are reported on Form 5500-EZ;At termination, the solo 401k is required to file a final Form 5500-EZ and 1099-R; andAt termination, the self-directed IRA is only required to file a form 1099-R.
Himanshu Singh
New ROTH IRA question
25 July 2020 | 2 replies
I'm a 34 y/o physician just getting started with improving my personal finances.Need recommendations about investment options for my roll over IRA.Should I go for 100% investment in VTSAX vs. adding an international index fund ( which one and how much %) in my portfolio.
Jeff Allen
Lien placed on my own foreclosure by myself???
27 March 2008 | 6 replies
I am a real estate investor who has decided to roll over on a little more than 5 million in homes.
Frank M.
Self Directed IRA Tax reporting?
27 May 2014 | 8 replies
Your IRA provider will file form 5498 with the IRS to report the anual valuation and any contributions/rollovers.