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1 October 2018 | 6 replies
Following 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 (self-directed 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.)
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14 January 2024 | 20 replies
@Kewei Qu Regarding windows, the options are typically:1) Board them up with plywood2) Secure with metal screens http://www.dawgsinc.com/3) Install a LOUD alarm
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16 July 2019 | 45 replies
that sound like it might work it is online in Chicago, but but as far as to where to look i'm still fuzzing on, i search the county assessors website, the recorder of deeds website and the treasurers tax website, and i'm confused on how to pull that info with out going down there
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12 October 2023 | 86 replies
This should not be a significant problem because the parcel numbers would still be provided and owner names and addresses can be accessed in most counties by putting individual parcel numbers into the county's treasurer's online database.
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12 September 2016 | 33 replies
You just need to find a custodian who you will work well with, and you can make investments in real estate, notes, precious metal, etc.
20 August 2018 | 6 replies
He went on to say he could tell me how to do the job, how long it would take and the materials that were needed, but when it came time to using his tin snips to construct a metal framed wall or core drill through a cement floor, it just wasn't his forte.
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30 December 2021 | 79 replies
Use a metal one if possible unless if you are very gentle.
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19 November 2023 | 19 replies
If the property is not redeemed than as soon as it goes 3 years you can request a deed from the Treasurer.
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4 August 2020 | 7 replies
In addition to the extra layer of drywall and sound insulation there are vibration clips that are installed under the joists and then a metal furring channel is installed running the length of the ceiling.
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28 July 2020 | 0 replies
Buy- Fellow had a 90 unit location, House, and a metal building.