Self-employed with no full-time employees? Have a side gig you work for the joy it brings you, in addition to the job you do for a living? You are eligible for a Solo 401(k) plan where you can maximize your retirement benefits. You’re controlling your life by following your dreams. The Solo 401(k) can be the best way to fund them.
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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CONVERTING IRA TO GOLD: Gold IRA Account
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REVEALED: Best Gold Backed IRA
Do you contribute each month? as well as where are good sites to invest in?
Can you set up one of these plans if you are an husband wife LLC taxed as a partnership?
Great!!!
Hello Adam, I had an S-Corp created in 2003 and set up a Fidelity account for Solo-401K for myself as the only employee. I was and still am the 401K administrator though the company was formally dissolved by me in Feb 2020 – I was the only employee. I complete the 5500 form each year and still do this. I turned 55 in 2020 and I'm hoping to do my very first distribution/disbursement before the end of the year. I contacted Fidelity and they are telling me that the "rule of 55" does not apply to Solo-401K plans; is this correct? It is critical that I can pull money from this 401K without the 10 percent penalty in order to fund the years before I hit 59. So my question is, can I withdraw/get distributions, from a Solo-401K under the "rule of 55"?
Question for Adam, how much money does my side job have to make to deduct $19500 or $26000? Also, is rental income considered my side job? Joseph.