Did you know you’re not the only one who’s allowed to contribute to your Roth IRA? Someone else can contribute into your account for you, just as long as you’re eligible to contribute yourself. How it works In order for other people to be able to make contributions into your Roth IRA, you, the account […]
SIMILARIES DIFFERENCES Both the Roth Solo 401k and the Roth IRA are funded with post-tax dollars. You contribute with income that’s already been taxed, but you don’t pay any taxes when you withdraw from either of the two accounts in retirement. In other words, your money compounds tax free, and then you get to keep […]
A Roth IRA is an individual retirement account that allows anyone with earned income to make contributions with after-tax dollars. Investments within your account grow tax-free until you make withdrawals in retirement. Because you already paid taxes when you contributed, taking distributions from a Roth IRA are completely tax-free. Unfortunately, a Roth IRA has income limits. If […]
The contribution limits for a traditional IRA and Roth IRA are $6,500 for 2023 and $7,000 for 2024. If you’re over the age of 50, you also get an additional $1,000 in catch-up contributions, bringing your total limits to $7,500 for 2023 and $8,000 for 2024. What is the contribution limit for an IRA? The […]
The Eligible Automatic Contribution Arrangements (EACA) is a small business tax credit offering $1,500 in tax credits to anyone with a Solo 401k Plan with auto-contributions enabled. This means that you can set up a Solo 401k Plan with Carry, with auto-contributions enabled, and receive $500/year in tax credits for the first 3 plan years. […]
If you have a Solo 401k, or want to establish a plan for the 2023 tax year, here are all the important dates and deadlines you’ll need to know for setting up a plan, making contributions, and filing forms to the IRS. Before you dive in, download a printable PDF guide with all the important […]
2023 Solo 401k Limits & Deadlines 2024 Solo 401k Limits & Deadlines 2022 Solo 401k Limits & Deadlines The solo 401k contribution limit for 2022 was $61,000 ($67,500 if you were at least 50 years of age by December 31, 2022). The contribution deadline for corporations, multi-member LLCs, and partnerships was March 15, 2023, and […]
OVERVIEW If you want to check your 401k balance, start by asking your employer’s HR department for information about the plan provider. In most cases, you’ll be able to log into the plan provider’s website to check your balance, and even reallocate your investments. Regularly checking the balance of your 401k plan gives you a […]
OVERVIEW & FAQ While a solo 401k gives you total freedom in what you can invest in, the IRS sets strict restrictions around who the plan can make transactions with. In a solo 401k, the assets are owned by the plan, not you or your business. When you open a solo 401k account, the plan registers for its own Employer Identification […]
