Posts Tagged "401K"

Reporting IRA and 401(k) Rollovers on the 1040

It is that time of year when you may have rolled over funds during 2018 from a previous IRA or 401(k) to your new self-directed IRA or self-administered 401(k) plan. While you may not consider this rollover a distribution (“John, I just rolled over the funds as a non-taxable rollover”), the IRS does still consider this to be a distribution….it is just…read more →

Is the Solo-K Best for the Self-Employed Individual?

For the self-employed individual, there are various retirement plans that may be of interest.  There is always the question: is the Solo-K best for the self-employed individual?   For this blog, we are not going to be comparing different plans.  What we will address are some key components to the Solo-K that you should certainly consider in your selection of the…read more →

IRA LLCs and 401(k) Plans — Where to Hold Precious Metals?

Over the years, this has been a much-discussed and frequently debated topic for those individuals who wish to hold precious metals in their IRA LLC or 401(k) plan.  Must you only use a depository?  Can you use a bank?  Can I have them at my home? Historically, it depends on who you ask?  Here’s the typical lines: Coin Depository — You…read more →

“Life Cycle” of a Solo 401(k) Plan

Similar to our lives, there is an actual life cycle of a Solo 401(k) plan as well.  And, that is how you want to think about your Solo-K plan.  If you do, it will certainly help cement in your mind how you are to operate your plan moving forward.  It is important that you fully understand this analogy to fully…read more →

Your Solo 401(k) Plan — 1099 Contractors? (Part 3)

This is Part 3 of the series on determining whether a worker is an employee or an independent contractor.  In the first post, there were determining questions for an employer which, if they answered YES to ALL of the questions, would appear to indicate that the worker is an independent contractor.  In contrast, in the second post, there were 8…read more →

Your Solo 401(k) Plan — Employees, 1099 Contractors?

Recently, I wrote a blog on self-employed individuals who may make the decision of hiring an employee or retaining the services of an independent contractor for their business.  Okay, before you tune me out, I understand that many of you are self-employed with no employees and will never have any employees or work with independent contractors.  In fact, you may not…read more →

IRS Form 5500-EZ — One Participant Plans

For those of you with self-directed 401(k) plans, the IRS Form 5500-EZ may or may not apply to you.  Whether or not you have to file the 5500-EZ for your Solo-K plan is based on whether the value of the plan’s assets exceed $250,000.    It is important to note that while many people believe the 5500-EZ is only for…read more →

Rollovers to a Solo 401(k)

There is never a bad time to give reminders on rollovers into a 401(k) plan.  There are many different retirement plans (e.g., IRAs, ex-employer’s 401(k) plans) that one can rollover into their Individual 401(k) plan.  And, when you keep in mind that a PGI SelfDirected one-participant 401(k) plan provides you the option of having a plan that can invest in traditional assets and non-traditional…read more →

Beneficiary Mistakes — Self-Directed 401(k) or IRA (Part 2)

In the previous post, we introduced three potential beneficiary designation mistakes.  In this post, we will point out a few more. Don’t Name Your Kid! This is not meant as harsh as it sounds.  As with other considerations, this relates to the issue of age.  There are WAAAAY too many people who identify their minor children as either a primary…read more →

Beneficiary Mistakes — Self-Directed 401(k) or IRA (Part 1)

This post is for beneficiary mistakes within an IRA or 401(k)….self-directed or not. Potential beneficiary mistakes with your self-directed 401(k) or IRA can be very real issues.  With proper planning and maintenance, your beneficiary can greatly benefit from your gift.  With poor planning, it can turn into a curse. As part of proper planning, you should always review your beneficiary…read more →