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The IRS Increases 2023 Contribution Limits to IRAs, HSAs, SEP IRAs and Solo 401(k)s for Business Owners
The IRS changed 2023 contribution limits on Traditional IRAs and Roth IRAs and those amounts are now $6,500 annually, with a $1,000 catch-up for those 50 or older. That’s an increase of $500 from 2022 limits.
IRA/LLCs – IRA Ownership of LLCs
In the article, I outline the benefits of an IRA/LLC, how to properly set up an IRA/LLC, how the documents need to be restrictive over and above a standard LLC set-up, and discuss the cases where self-directed IRA owners have improperly operated the IRA/LLC.
2022 Solo 401(k) Contribution Deadlines: Rules, Steps, and Strategies
As 2022 has come to an end, it is critical that Solo 401(k) owners understand when and how to make their 2022 contributions. There are three important deadlines you must know if you have a Solo 401(k) or if you plan to set one up still for 2022. A Solo 401(k) is a...
Self-Directed IRA Versus Solo 401(k)
Many self-directed investors have the option of choosing between a self-directed IRA or a self-directed solo 401k. Both accounts can be self-directed so that you can invest in any investment allowed by law such as real estate, LLCs, precious metals, or private company...
Stuck With a 401K Loan and Leaving Your Job
Have you taken a loan from your employer 401(k) plan and plan on leaving? Unfortunately, most company plans will require you to repay the loan within 60 days, or they will distribute the amount outstanding on the loan from your 401(k) account. Its one of the ways they...
Can I Use a SEP IRA If I Have Employees?
A SEP IRA is a powerful retirement account used by many self-employed persons and business owners. It is particularly attractive as you can contribute up to $61,000 into it annually. That's in comparison to a Traditional IRA, where you can only contribute up to $6,000...
Solo 401K Form 5500 Tax Filing and Five-Point Compliance Checklist
Solo 401(k)s have become a popular retirement plan option for self-employed persons. These plans put the business owner in control of the plan but with that control also comes responsibility. Unfortunately, many solo 401(k) plans are not...
New Secure 2.0 Bill Fixes IRA Prohibited Transaction Penalty & Adds More Roth Dollar Options
There’s some good news coming out of Washington last week and that’s Secure 2.0. This new bill is full of new benefits and options for IRA and 401k investors.
2021 Tax Reporting for Your Self-Directed IRA
Self-Directed IRA investors must be aware of their self-directed IRA tax reporting responsibilities. Some of these items are completed by your IRA custodian and others are the IRA owner’s sole responsibility. Here’s a quick summary of what should be reported to the IRS each year for your self-directed IRA. Make sure you know how these items are coordinated on your account as the ultimate authority and responsible tax person on the account is, you, the account owner.
2021 Solo 401(k) Contribution Deadlines: Rules, Steps, and Strategies
As 2021 has come to an end, it is critical that Solo 401(k) owners understand when and how to make their 2021 contributions. There are three important deadlines you must know if you have a Solo 401(k) or if you plan to set one up still for 2021. A Solo 401(k) is a...
Self-Directed IRA Fair Market Valuations Explained
Valuation UpdateAnnual Fair Market Valuation Update — Self CertificationFillable PDF eSign Form Annual Fair Market Valuation Update — IRA/LLC or 401(k)/LLC Self-CertificationFillable PDF eSign Form Fair Market Valuation for Taxable Event (Roth Conversion, In-Kind...
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Most Popular
The IRS Increases 2023 Contribution Limits to IRAs, HSAs, SEP IRAs and Solo 401(k)s for Business Owners
Contribution Limits Increase for Tax Year 2023 For Traditional IRAs, Roth IRAs, HSAs, SEP IRAs, and Solo 401(k)s The IRS increased the 2023 contribution limits for self-employed persons who contribute to a SEP IRA or Solo 401(k) from $61,000 to $66,000. For those 50...