A solo 401k is the best retirement account for self-employed individuals. It has the highest contribution limits, tax-free compounding, and a Roth option.
A definitive breakdown of the solo 401k contribution limits & deadlines for 2022.
A solo 401k has both a traditional option and a Roth option. The main difference between the two is how and when you get taxed.
The Roth IRA and Roth solo 401k both have tax-free compounding and withdrawals. But there are some major differences between them.
The SEP IRA and solo 401k are both retirement accounts for business owners and self-employed individuals.
The solo 401k has strict rules around withdrawals and the penalties could be steep if you break them.
A rollover allows you to transfer funds from another retirement account (except a Roth IRA). It's the fastest way to fund a solo 401k account.
A solo 401k loan offers quick access to 50% of your plan amount up to a maximum of $50,000. Here's how it works.
Business owners of any business structure can open a solo 401k account, as long as they have no employees. But there are some subtle differences in contribution limits.
While a solo 401k doesn't allow employees, your spouse is an exception. This article explains how and why you should include your spouse into your plan.
The solo 401k has a required minimum distribution that starts when you turn 72 years old. Here's everything you need to know about the solo 401k RMD rules.
Calculate your solo 401k RMD for 2022 using our RMD table, which lists the Life Expectancy Factor for all ages 72 - 120+.
Considering a solo 401k? Here's a quick breakdown of every benefit and tax advantage a solo 401k account can give you.
If your solo 401k account has over $250,000 in assets, you're required to file Form 5500-EZ each year.
A solo 401k can technically be opened without an EIN, but here's why you should apply for one anyways.
With a solo 401k, you can invest in whatever you want, with a few exceptions according to the IRS.
A retirement account is forbidden by law to transact with a disqualified person. Here's a breakdown of the restriction, and how to avoid it.
Here are the proper actions to take when you decide to hire a full-time employee as a solo 401k account holder.
The mega backdoor Roth solo 401k strategy allows you to supersize your Roth contributions each year, with less money earned.
If your company 401k allows it, a mega backdoor Roth lets you contribute far past the allowable limits of a Roth retirement account.
Storing your crypto in a Roth solo 401k gives you tax-free compounding and you pay zero taxes when you withdraw in retirement.
Until the IRS provides clear guidance on how they're classified, NFT purchases should be avoided within a retirement account like a solo 401k.
Investing in real estate through your solo 401k can offer huge tax advantages - no taxes on rental income or profits when you sell.
A detailed step-by-step walkthrough of how to open and set up a solo 401k plan.
These popular companies provide the mega backdoor Roth IRA option for their employees.
Solo 401k contributions are tax deductible and you need to claim your deductions each year when you file your taxes.
Roth deferrals are taxed today, but you pay zero taxes when you take qualified distributions in retirement.
3 effective methods to track down lost 401k accounts, and what to do with the old plans once you find them.
Most companies offer matching contributions to your 401k plan. Here's how much employers typically match in 2022.
Here are the companies with the highest 401k employer matches in 2022.
This guide outlines the 401k contribution limits for 2022, as well as the upcoming 401k contribution limits for 2023.
Everything you need to know about 401k eligibility rules. (Minimum, maximum age, and length of employment)
The main differences between a rollover and a transfer and how to pick the right vehicle for moving your retirement funds from one plan to another.
The key differences and similarities between direct and indirect rollovers explained.
Business owners operating an LLC are eligible to open a solo 401k plan as long as they meet the eligibility rules.
An S corporation can open a solo 401k as long as it doesn't have any full-time employees (excluding your spouse).
Rolling over a 401k into a solo 401k is simple, and there are no fees, taxes, or limits on how much you can rollover.
You can rollover any type of IRA into a solo 401k, except a Roth IRA.
A deep dive into the best retirement accounts for business owners and self-employed individuals.
Everything you need to know about withdrawing from a Roth IRA without penalties or taxes.
A traditional IRA and Roth IRA have the same contribution limits but different tax advantages, eligibility rules, and withdrawal rules.
Here's how to fix overcontributions made to a 401k, and the potential penalties involved.
If you overcontributed to a traditional or Roth IRA, you have several options to make corrections and avoid being penalized by the IRS.
If you don't have an employer, you can open a solo 401k if you're self-employed or contribute to an IRA.
Every Roth retirement account has a 5-year rule, but the rules are slightly different for a Roth IRA and a Roth 401k (or Roth solo 401k).
A self-directed IRA gives you more investment options and lets you invest in alternative assets.
An IRA LLC, also known as the checkbook IRA, is a type of self-directed IRA that uses an LLC to give you full checkbook control.
A self-directed solo 401k gives you full checkbook control to invest in alternative assets, and comes with more benefits than a prototype plan.
An IRA is a tax-advantaged investment account available for anyone with earned income. Business owners can also open a SEP or SIMPLE IRA.
A Roth IRA is funded with after-tax dollars, but your withdrawals in retirement are completely tax-free.
A traditional IRA is available to anyone with earned income. Contributions are tax-deductible, and investments grow tax-deferred until retirement.
In order to be eligible for Roth IRA contributions, your modified adjusted gross income (MAGI) must be under $144,000 for 2022 and $153,000 for 2023.
The IRA contribution limit is $6,000 ($7,000 if age 50+) for 2022 and $6,500 ($7,500 if age 50+) for 2023.
To take qualified distributions, you must be at least 59½ years of age. You must also start taking distributions at the age of 72.
A SEP IRA is an individual retirement account designed specifically for business owners and self-employed individuals.
All IRAs, except the Roth IRA, require that you start taking distributions from your account once you reach the age of 72.
Employers can contribute up to 25% of their compensation into a SEP IRA, up to a maximum of $61,000 for 2022 and $66,000 for 2023.
You can withdraw from your SEP IRA without penalties when you turn 59½. Early withdrawals are subject to penalties and taxes.
A SEP IRA requires that all employers make equal contributions to their employee’s accounts.
A full comparison of solo 401k plan providers, a deep live into the features and benefits offered by each provider.
As an employee, you cannot make direct contributions to a SEP IRA, like you could with a 401k or solo 401k.
Everything you need to know about the employer-sponsored 401k retirement plan.
A Roth 401k gives no immediate tax breaks when you contribute, but withdrawals in retirement are tax-free.
You can start taking qualified distributions from a 401k when you reach the age of 59½.
To take qualified distributions from a Roth 401k, you must be at least 59½ years old and your account must be at least 5 years old.
If your plan provider allows 401k loans, you could borrow up to 50% of your 401k plan value, up to a maximum of $50,000.
Everything you need to know about interest rates, taxes, and fees when taking out a 401k loan.
Controlled group rules prevent business owners from offering themselves a retirement plan without offering one to their employees.
While there is no such thing as an IRA loan, there are several alternative options that can allow you to access your IRA funds without penalties.
Here's how to rollover your Vanguard IRA to a self-directed solo 401k, without triggering any taxes and penalties.
A 60 day rollover gives you access to your retirement funds for a period of 60 days, before it must be deposited into your new plan.
Everything you need to know about investing in alternative assets through a retirement plan.
There are many different types of retirement plans, with different tax benefits, withdrawal rules, and contribution limits.
A 401k is employer sponsored while an IRA is an individual account. Learn the main difference between a 401k and IRA.
The main differences between a 401k plan and a SEP IRA. Eligibility, contribution limits, and basic rules explained.