Posts Tagged "dol"

Terminating Your Self-Administered Solo-K Plan

As I have said before, there comes a time for most where it is time to give your solo-k (also referred to as a self-directed 401(k), self-administered 401(k), uni-k, or individual 401(k) plan) a proper send-off.  In simple terms, how does one go about terminating your self-administered Solo-K plan. For many, a Solo-K plan is almost like a human life….read more →

Maximum Contributions to Your 401(k) with Less Income!

How do you have maximum contributions to your 401(k) with less income?  Enjoy Part 2 of a blog series on after-tax contributions you can make to your Solo-K plan (also marketed as Uni-K, self-directed 401(k), self-administered 401(k) and Individual 401(k) plans).  From the previous post on this topic, an initial introduction was provided to give a brief explanation as to…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 — 1099 Contractors? (Part 2)

In the previous blog, we pointed out that there are definite considerations the self-employed individual will face if they are hiring an employee.   For the self-employed business owner with a Solo 401(k) (also marketed as a Uni-K, self-employed 401(k), self-directed 401(k), self-administered 401(k), there are problematic issues related to including the employee in the Solo-K plan.  You got it….it…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 →

Roth Solo 401(k)

So-called Roth Solo 401(k) plans are becoming more popular.  The reason I say “so-called” is that it really a marketing term that seems to suggest that it is a “different” or “special” type of 401(k) plan.  The promoters often suggest that they “have” this new plan.  Is the plan “different”….well, yes.  “Special”…definitely.  But, it is “different” and “special” because of what they allow you to do, not…read more →

Solo 401(k) Plans — Common Law Employees (Part 2)

In the previous blog post we addressed what types of employees must be included in a company’s 401(k) plan.  Or, more correctly, we noted exceptions to individuals being required to be enrolled into the 401(k).  These exceptions generally include: –  Employees who, as a general class, never work more than 1,000 hours per year; –  Employees who are seasonal and,…read more →

“Transfers” of 401(k) Plans

Many of you are familiar with an IRA transfer where you “transfer” assets from one IRA to another IRA.   IRA transfers can be executed at will by the IRA owner.  But, what about 401(k) plans?  Is there a transfer provision for 401(k) plans or just rollovers? Yes, transfers can occur.  But, let’s use two examples to explain what would be…read more →

Administration of Your Solo 401(k)

This is a topic that encompasses many moving parts…and, we are going to address one very small (but important) moving part in this process.  Further, we are going to keep the “concept” brief and to the point without belaboring the discussion. The administration of your Solo 401(k) is important and a responsibility that should be taken seriously.  Many companies emphasize…read more →

401(k) Contribution Limits

401(k) Contribution Limits

Self-directed 401(k) contribution limits are the same as any other 401(k) plan.  As you continue through your fiscal year, keep in mind the high 401(k) contribution limits that are available to you and your plan, and plan accordingly.  Also, be cognizant of the fact that employee elective deferrals must be made by December 31 of the year in which the…read more →