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14 November 2018 | 4 replies
@Tyler GregersonFollowing are the similarities and differences between the solo 401k and the self-directed IRA.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 2018, the solo 401k contribution limit is $55,000, 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.)
15 November 2018 | 8 replies
Anonymous phone call to the authorities
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8 November 2018 | 0 replies
Examples include airport authorities who lease land to others for hangers and distribution centers.
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14 November 2018 | 51 replies
My lease states they cannot change locks without authorization and they must provide me with a copy of any/all keys within five days of the change.A Landlord must have access to the property for emergencies.
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28 November 2018 | 25 replies
Anyone know this title/author?
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10 November 2018 | 7 replies
Servicer likely won't even speak to them as they are not the executor and have no authority over the borrowers account.
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14 November 2018 | 3 replies
Your first step is to link up with the local metro housing authority (MHA)...this will be at the county level, or maybe the city for larger cities like Columbus.
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13 November 2018 | 7 replies
I'm assuming it's like negotiating a short sale - start from authorization to disclose info?
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18 November 2018 | 25 replies
you definitely want to get a title commitment on this it will tell you who is authorized to transfer title.. if there was no proper probate then that needs to be handled..
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14 November 2018 | 17 replies
Without blaming anyone else and taking full responsibility, the author really lays out the plight of the American Middle Class (and himself).https://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/Inspires me to keep investing and building assets and saving so I can spend on what I need and in times of emergencies.