Sunday, November 16, 2014

I just learned about the Solo 401K option from my CPA

 

http://www.isolo401k.com/

QUESTIONS: I just learned about the Solo 401K option from my CPA.  She recommended that I look into switching my self-directed IRA into a Solo 401k plan using my business (I am a sole proprietor) as a tool.   Is this possible?  What are the restrictions?  What are the advantages and disadvantages to make this move?  I currently own an apartment building with my Self-directed IRA. 

ANSWERS: Solo 401k plans are for the self-employed, so if you are a sole proprietor and don't have any other businesses that employee full-time employees other than yourself or business partner, you can open a solo 401k and process an in-kind transfer of the IRA owned real estate property to the solo 401k. The self-directed IRA custodian would report the movement of the property to the solo 401k as as non-taxable direct rollover.
Visit following link to learn more about the IRA to solo 401k direct rollover rules. 


We would assist you with completing and/or drafting the IRA direct-rollover form.
To learn about the advantages and disadvantages of transferring an IRA to a solo 401k, please visit following link.

Many thanks, 

Amy in Houston Texas