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Live Q&A Webinar – ROBS 401K, Solo401k & IRA LLC
May 9 @ 1:00 pm – 2:00 pm Pacific Time Zone
Whether you already have a ROBS 401k, Solo 401k, or IRA LLC or are considering setting one up, please join this live open discussion to discuss your questions as well as learn from the questions submitted by other community members.
How can I join a live webinar or watch a recording?
- If you are not a member, please first join the community: Join My Community.
- All Members can access the Live Webinar: Solo 401k/IRA LLC FAQs
How can I post a question?
- Bring your questions to the LIVE webinar
- Post your questions in the comments to this event post.
- Email your questions to Community@mysolo401k.net – please put the word “Question” and your name in the subject line.
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I would like to invest in a LP that does a REIT through my solo 401K – is this allowed?
Asking a question and really hoping i can attend tomorrow to get the answer…if it would be better to schedule a consult please let me know:
1. I have $233K in a 401K from my current employer of 20 years that is not performing well….i really want to get this money and into something more stable. The only person this plan is benefiting is the servicer! How can i get it out? My plan has no terms for in-service distributions and i don’t want to quit my job. Can I take a hardship withdrawal for my primary residence, use it to pay down my loan to reduce my monthly payment, then take out a loan against my house to make my and my spouse maximum contribution to my 401K? Are there other/better ways to do this? I want to get my money somewhere where it can actually work.
In addition to the 401K, I also have a corporate pension that my company has announced they are dissolving/selling/etc. So I will have an option for a lump sum distribution early next year but have no idea how much it’s going to be or how to estimate it.
2. Assuming i’m getting started in real estate investing…my goal is to establish a $1.5MM portfolio in 20 years, and, i’m 20 years from retirement. In addition, both my in-laws and my parents are getting in advanced years but also want to do some real estate investing. What is the best corporate structure to 1. keep earnings/investments separate, and, 2. minimize inheritance tax implications?
We went over your good questions on the webinar – thanks for your participation!
Thanks! I caught about the back half of the answer to my questions because i was having trouble getting into the meeting. WAs it recorded somewhere?
New member, not Married. Im curious about the basics of investing in my plan.
What are amounts for different account contributions?
What are deadlines for employer vs. employee contributions?
How to optimize pre tax vs roth contributions for tax purposes?
Please gloss over Mega backdoor Roth process. I have innate fear of including all of my income into retirement. Cant help but think the IRS will wonder how I am living if I show no take home pay. Thoughts on this?
I will be working as an independent IT contractor/sole proprietor in Japan. I’ll be paying taxes to Japan as I’ll be living there. I’ll then claim the Foreign Tax Credit on my US taxes. How can I qualify to setup a solo 401K with this scenario? Any expats find a way to do this?
I would like to move my existing Solo401K to your plan. I am currently contributing to a $20,500 to a workplace pre-tax 401k. I have some 1099 income from a side gig. My understanding is that I am maxed out for employee contributions but I can contribute some amount through the self employment income as employer (pre-tax) and also some on an after tax basis which I can move immediately to a Roth account (Mega back door). Am I missing anything? The main reason I want to switch is to take advantage of after tax contributions which my current plan does not allow.
In a multifamily syndication that is assuming a fixed rate non-recourse loan, a solo 401k is typically allowed as a passive investor (LP). Are other roles in a syndication allowed to use a solo 401k to invest such as a non-managing key principal (KP) who do not have any direct management responsibilities? If the KP is not a guarantor, does that change any aspects?
If I get sued, is my Solo 401K in jeopardy?
For example, if a plaintiff sued me because he fell and broke his wrist while on my investment property, which is titled in my Solo 401K, could he potentially get an award from a court which would award him my remaining Solo 401K funds?
Or are there other situations where someone could legally get money from my Solo 401K?
I understand that the Solo 401K is a Trust. But do I need to do something more so as to protect it from lawsuits?
I saw your YouTube video about using a Solo 401K so as to purchase real estate with a non-recourse loan. Thank you.
However, could I also do this:
1.) From Solo 401K, make a loan to my LLC per the terms of a new Promissory Note.
2.) In LLC, purchase a piece of real estate using the loaned money from the Solo 401K. The property therefore gets deeded to the LLC, not to the Solo 401K.
3.) Have the LLC pay back the loan from the Solo 401K in accordance with the details of the Promissory Note.
I have a Solo401K plan register with the IRS. My document provider was SunWest Trust, they set up my account. They went out of business. I then took my account to Maxwell Trust, who are no longer able to submit documents to the IRS. I am looking for a document provider. Is that some thing My Solo 401K Financial can help me with?
I have a solo with MySolo401k (and typical single-member LLC S-Corp).
To make it easier on myself, can I (and should I) just contribute the entire annual $61,000 max via voluntary after-tax with a Roth conversion? This way I don’t have to complicate my payroll with any 401k stuff.
Are there any reasons not to do this?
Hello MySolo401k Staff,
I recently received a communication from the brokerage holding my trust funds,
TD Ameritrade, asking to update the address on file
Just wanted to reach and see if that’s something that should be done through
mySolo401k or if i should just make the updates on their website?
Additionally,
I requested an update to beneficiaries for my account a few months ago, and
filled out the requested form.
I believe its been received, but wanted to followup and ensure that the
changes have been successfully made.
Could you please let me know if the beneficiary changes have been successfully
applied? Is there anything more needed from my end?
I’ve sent several emails on this but have received no answer for over 3 months now…
Thanks and Happy Holidays!
I was trying to make my first afterTax contribution into my newly opened ETrade account & conversion to the Roth 401K account.
It looks like for the contribution, I will be able to do an online transfer of funds to the AfterTax account.
Looking at the slides you have for MegaBackdoor Roth processes, it looks like I would need to convert these funds. However, I do not see any option on the ETrade website to convert the funds over for the newly opened ‘Non Custodial’ accounts. Does anyone know what the process would be here? Is it just a matter of me transferring funds between accounts – or is there a separate conversion process to be followed?
Where would we see the recording?
I click on the link for the live broadcast but there is nothing. Have you stopped the broadcasts for Q&A?
On Feb14,2023, I also clicked in at 1:02pm and there is no Zoom meeting – I was on Zoom waiting for host to start meeting till 1:08pm. If this is not done on daily basis, pls update your page and let me know.
If my Solo 401(k) funded a real estate transaction in South Carolina, do I still need to withhold 7% of the net proceeds of the sale? This article would suggest so (https://nelsongalbreath.com/non-south-carolina-resident-withholding/ – “A trust administered outside of South Carolina”), but that seems at odds with this being a retirement plan. If I do need to withhold the 7%, how and when do I reclaim the withholding? Thank you!
We receive one 1099NEC in the name of our business (sole proprietor), I want to confirmed that we can split the income into respective Schedule-Cs for husband and wife.
With each claiming part of the 1099NEC as self-employment income,
The two Schedule-Cs combined to correspond to the whole of the Form-1099-NEC
Is this how we should handle the self-employment income and contribute to each of our solo401k accounts?
Several part question: Can I purchase physical gold/silver with funds in a prototype solo Roth 401k trust that Mysolo401k assisted in setting up at Fidelity? I am over 60 y.o., plan established date is 2017. Can I use the checkbook feature of the account to purchase the metals with and can this be done without being classified as a loan and without penalty? If so, what other stipulations would need to be considered, ie) metal must be keep in safe deposit box in the name of the Trust?
I have a Solo 401K with 2 partners and owns a property. Partner 2 want to leave the Organization and wants to roll over.
How can handle this situation. Can Partner 1 buy the property from Partner 2? and still keep the Solo 401K?
partner 1 still want to continue to keep the organization and solot401k.
What are my other options?
Hi,
I have a question regarding Form 5500-EZ Line 7. In my solo 401k, in calendar year 2022, I made an employer contribution of $25,000. In February 2023 (but for tax year 2022), I made an additional employer contribution of $5,000. For the 5500-EZ for Plan Year 1/1/22-12/31/22 on line 7, is my employer contribution $25,000 or $30,000? My Annual Valuation Statement from Fidelity shows the lesser amount.
Thanks!
I want to invest in a limited partnership, preferably with cash that’s in my ROTH 401(k) Trust account. Is that possible, and what are the mechanics of doing so?
Hello,
My husband already has a single manager LLC and now we want to buy a rental property using IRA funds from previous employers. I have read different posts / articles but am unsure of the following few things.
should we open a Solo 401k or IRA LLC? which one is better?
can we buy the property under our individual names and then sell it to the LLC ? is it allowed?
hello,
I want to setup either a solo 401K or the IRA LLC and have called & left messages at your main phone number but no one has contacted me yet? how do i get to talk to anyone or is it not an option?
I have a Traditional IRA with a total of $60K contributed to it. – with a breakout of $54K Deductible and $6K of Non-Deductible contributions.
Want to convert this IRA to Traditional Solo 401K. Can you please recommend it in my situation?
1. I am a PhD student with a W2 – part time work at a university (with no retirement benefits)
2. Would I be Eligible to Open Solo 401K? Can you help open the Solo 401K ?
3. Do I transfer the full $60K or ONLY the $54K of Deductible portion to Solo401? Do we need to report that on form 8606 of next year (2023) ?
I have a solo 401k and Roth IRA you setup when I was getting paid as a sole proprietor. Now I am getting paid mostly through a single member LLC that I setup in 2022, do I need to modify my 401k/IRA paperwork? Do I need to do anything differently in 2023 for my taxes?
I have a solo 401k and Roth IRA you setup when I was getting paid as a sole proprietor. Now I am getting paid mostly through a single-member LLC that I setup in 2022, do I need to modify my 401k/IRA paperwork? Do I need to do anything differently in 2023 for my taxes?
1. do voluntary after tax contributions share the yearly contribution limit with non-roth and roth contributions or is it a separate liimit
2. I am a single member llc taxed as s corp and have employees, LLC A. Would I be able to use a solo 401k plan if I create a second LLC, LLC B, and transfer ownership of LLC A to LLC B and open the plan through LLC B?
I purchased a piece of land as an investment. I was going to use my SEP. The SEP company doesn’t do individual real estate. The owner refused to delay closing. I bought the land through an LLC I already run. Can I set up a solo401k and purchase the land from my LLC to the 401k?
I have a new startup planned that I want to fund with 401k money. I am assuming a ROBS is the way to go. Once we get started as a C corp, can we convert the IRA to a Roth before selling the shares in the C corp? Or can I roll the C corp stock into a new Roth 401k?
I plan to be on Monday’s call (July 24) for this question. My solo 401(k) is partnering with an LLC and 3 individuals to form a new LLC (5 total members) that will purchase a property. Does that new LLC Operating Agreement need to contain any special language due to my solo 401(k) being a partner?
1. For two participants, does it make sense to increase salary of both participants (spouses) to enable maximum contributions for both ($61k for 2022) given increase in taxes?
2. Given that the Voluntary After Tax contribution is effectively the same as the Employee Contribution (Roth), is there ever a scenario where it would make sense to decrease the Employee Contribution (Roth) to maximize the Voluntary After Tax? Particularly when 50+ age with the catch-up that only applies to the Employee Contribution?
3. Does the Voluntary After Tax sub-account need to be in the same form as the other accounts (e.g., non-prototype at Fidelity)? Given that this is a temporary holding account prior to conversion, can this be any type of bank or brokerage account?
When I fill out my 401K application form for your company, it asks for the name of my sole proprietorship. I typically hold investments in the name of my living trust, For example: Thomas A…. Living Trust. So I’m not sure if my sole proprietorship (for the purposes of your 401k application form is: a) thomas A…. Living Trust, or simply b) Thomas A…. I think for tax purposes, they are one and the same because I use my personal social security number for my living trust. So I presume I can just use my name as the name of my sole proprietorship, but I am not sure.
i want to roll over a previous W2 employer plan into MySolo401k, can I do this directly through my sponsor account holder (Fidelity) or do I need to do paperwork through MySolo401k first and let you guys handle it?
Do your Solo 401k plans with RecordKeeping allow for employer/profit-sharing contributions to be applied as a Roth solo 401k contribution? I had another TPA/RecordKeeper promise me that they could only to go back on their word and now I need to find a new TPA/RecordKeeping. Income has already been reported on 2022 tax returns for ER Roth Contributions.
If not, what is the process like to make a Voluntary After-tax Solo 401k (Mega Backdoor Roth Solo 401k) contribution? Can this be retroactive? I assume not, but am curious what options we have if you do not (yet*) allow for employer/profit-sharing contributions to be applied as Roth solo 401k contributions, and we already made the 2022 ER Roth elections on the tax returns.
Please outline the steps of moving SS-based (not company EIN) SEP/IRA to solo401k ROTH. Both Solo401k pre-tax ans Solo401K roth accounts are already is in place as well. Is this just like moving IRA to ROTH and paying tax on the amount, or are there additional neuances ? Thanks !!!
How do you make a pre-tax elective contribution (employee) under solo 401k for an S corporation? Someone mentioned it is only limited to payroll deductions. Is this true? I want to make a maximum of 30k contribution. Can I make it in the last quarter of the payroll?
Question: I want to invest in to a joint venture with my Solo 401k Trust taking a % of the shares/ownership of an LLC. Am I personally, and/or as the retirement trust allowed to be a manager and/or managing member of the partnership? This is not an active effort/business other than being tasked with distributing funds to all share holders based on their % ownership, hiring CPAs, book keepers, etc. There will be no “disqualified” parties involved in the partnership. My Trust will have ~ 16% ownership. I not plan to take any sort of management fee.
To clarify. I as an individual, would not be a member, and or managing member. I would only be a “Manager” with no ownership rights.
If my solo 401K LLC invests in a “Land Development” LLC with other non-related members in the LLC then am I allowed to invest in the “Land Development” LLC also either personally or thru another LLC that I am a member of? Am I allowed to be an officer of the Land Development LLC? On a different note if my solo 401K LLC loans money to the “Land Development” LLC rather than being a member of the Land Development LLC can I invest either personally in the “Land Development” LLC or thru another LLC?