Harvard Law Attorney George Blower leads an in-depth discussion of the rules regarding adding/including your spouse to your self-directed Solo 401k plan.
2:06 Top Considerations
9:15 Contributions
10:29 One Plan but Multiple Accounts
13:02 Solo 401k Loan
14:37 Alternative Investments
19:28 Eligibility for a Spouse to Participate
26:00 One EIN, Signing Authority & Beneficiary Forms
28:50 Adding A Spouse to Plan Later
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The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:
-The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older).
-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.
-401k participant loans of up to $50,000
-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.
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For over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB)….(read more)
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Can i convert solo401k to Robs401k?
Very lucid and helpful, esp with the nuances of spouse participation
My and my spouse both have separate sole proprietor LLC's. We have both worked for each other for years, but never took any salary out of simplicity.
How do we take an income out of each other's business's if they are both sole LLC's? We each have a schedule C under each other's business that have always filed as one owner? We use schedule C's now.
Thank you George! very useful information. Question about Controlled group: what is the percentage of the ownership is disqualifying? I own 20% stake in a company with W2 employees and have my own small business without employees. Am I qualified for solo 401k?