Things You Should Know About Solo 401k Plan - PowerPoint PPT Presentation

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Things You Should Know About Solo 401k Plan

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Are you self-employed? Do you have a solo 401k retirement plan? Do you know everything about your retirement saving plan? Checkout things you should know about solo 401k and how you can learn everything about solo 401k without having to pay anything at all. – PowerPoint PPT presentation

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Title: Things You Should Know About Solo 401k Plan


1
Things You Should Know About Solo 401k
  • A Presentation of Dear 401k J
  • The Leading 401k Advice Platform in California

2
What Is A 401k Plan?
  • 401k is an employer sponsored and the most
    popular retirement saving plan with more than 52
    million active participants.
  • If we are to wrap up 401k plan in simple and
    short way, a 401k participant (employee) tells
    employer how much money should go into the
    account that is usually not more than 15.

3
Features Of A Solo 401k Plan
4
Solo 401k Plan Establishment
  • A solo 401k is strictly for solo proprietors with
    no additional employees. Contribution may also
    come from spouse if he or she earns any income
    from your business.
  • Partnerships with no employees other than
    partners can also establish a solo 401k and their
    spouses can also contribute in case as above.

5
Solo 401k Plan Trustee and Administrator
  • A solo 401k plan administrator and trustee could
    be the business owner, partner, spouse or any
    designated third party.

6
Solo 401k Plan Salary Deferral Contributions
  • Salary deferral contributions up to 18,000. No
    more than 265,000 of pay can be taken into
    account and must not exceed 100 of pay.
  • 53,000 is the employer maximum and salary
    deferral.

7
Solo 401k Catch-Up Contributions
  • An additional 6,000 contribution in salary
    deferrals for individuals age 50 or older beyond
    the 18,000. This contribution does not count
    towards the maximum total contribution limit of
    53,000.

8
Solo 401k Employer Contributions
  • To maximum of 53,000 up to 20 employer
    contributions allowed for self-employed. This
    limit also applied to salary deferral
    contributions.

9
Solo 401k Rollover
Just like the traditional 401k plan, solo plan
also allows rollovers and transfers from
traditional IRA, SEP and Qualified Plans,
governmental 457 plans, 401k and 403b. SIMPLE
IRAs are allowed in solo 401k on a condition
of two years holding period.
10
Solo 401k Loans
  • Loans are available to all participants including
    traditional 401k and individual 401k. Loans are
    also available for unincorporated business owners.

11
Solo 401k Government Reporting
  • IRS 5500-EZ.

12
Getting Access To Money
  • Until a participant reach age 59.5, the money
    must be kept invested in the retirement account.
    Withdrawals before 59 are subject to income tax
    with additional 10 early withdrawal penalty.

13
A Complete Portal For Solo 401k
  • Learn everything you need to know about the most
    popular retirement saving plan 401k and solo
    401k without having to pay a single penny out of
    your exertion earned retirement money.
  • All you have to do is visit Dear 401k J and post
    your everyday retirement, 401k, investment, and
    other money questions, and get answers and
    professional advice from certified financial
    advisors in California.
  • Visit www.Dear401kJ.com now and learn more about
    the best 401k retirement planning platform in
    California.
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