Carry Learning Center

Solo 401k
February 01, 2024
The Mega Backdoor Roth Solo 401k Explained (Updated for 2024)

OVERVIEW The mega backdoor Roth strategy using a solo 401k allows you to supersize your Roth solo 401k contributions each year. With a solo 401k account, you’re allowed to contribute up to 100% of your employee income, up to a maximum of $23,000 in 2024 into a Roth solo 401k. If you’ll be at least 50 […]

January 24, 2024
What is an Underpayment Penalty?

If you’re required to pay estimated tax payments, the IRS could charge you with an underpayment penalty if you pay too little, too late, or don’t have enough withheld from your wages. Accurately estimating your quarterly tax payments can be difficult, but in order to avoid getting fined, you’re required to pay at least 100% […]

401k limits deadlines
January 22, 2024
401k Contribution Limits & Deadlines For 2023 & 2024

OVERVIEW A company 401k plan helps employees save for their retirement. Most employers will offer a 401k account to their employees, with many plans deducting automatic contributions from their checks each month. The IRS sets a limit each year on how much you can contribute. There’s a set limit for how much employees and employers can contribute […]

open solo 401k
Solo 401k
January 22, 2024
How To Open A Solo 401k Plan (2024)

If you’re eligible for a solo 401k, it can be a huge tax advantage to set up an account. A solo 401k has higher contribution limits than most other retirement plans, a Roth option, tax-free compounding, and almost no restrictions on what asset classes you can invest in. If you’re interested in setting up a solo […]

solo 401k real estate
Solo 401k
January 22, 2024
How To Invest In Real Estate With A Solo 401k

OVERVIEW Purchasing real estate through a retirement account like the solo 401k can be extremely tax-advantageous. Not only do you get tax deferrals until you retire, you also get tax-free withdrawals if you purchase through a Roth solo 401k. In other words, you don’t pay tax on any rental income that your property makes, you don’t pay […]

Solo 401k
January 22, 2024
How To Invest In Crypto Through A Solo 401k Plan

Highlights In 2014, the IRS released IRS Notice 2014-21, which determined that cryptocurrencies are to be classified as property for federal tax purposes, rather than as currencies. Like any property, buying or selling of cryptocurrencies are typically subject to capital gains tax. For example, if you buy bitcoin at $10,000 and it rises to $60,000, you’ll be […]

Roth IRA
January 16, 2024
The Backdoor Roth IRA: How It Works And How To Set It Up

Having a large nest egg in a Roth IRA means you can enjoy tax-free withdrawals from your account in retirement. Roth retirement accounts, like a Roth IRA, are funded with post-tax income (money you’ve already paid income taxes on), and in retirement, your withdrawals are completely tax-free. Unfortunately, the Roth IRA has an income limit that restricts […]

rmd table
Retirement +2 401k IRA
January 16, 2024
IRA And 401k RMD Table For 2023 & 2024

To calculate your 2023 and 2024 required minimum distributions for your IRA or 401k, use the RMD table below and follow the steps. How to calculate your RMD Example Let’s say that in 2023, you turned 75 years old. And on December 31, 2022, your 401k account balance was $200,000. Based on the RMD chart […]

solo 401k rmd
Solo 401k
January 16, 2024
Solo 401k Required Minimum Distributions (RMD Table For 2023 & 2024)

OVERVIEW Most people will start to withdraw from their solo 401k plans when they reach the eligible withdrawal age of 59½. But some people may not immediately need to take out any money and instead prefer to leave the money in their solo 401k for as long as they can. Unfortunately, the IRS doesn’t allow […]