Solo 401k Open Q&A: April 7, 2021

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Join our Solo 401k Open Q&A session for Wednesday, April 7th, 2021. On these sessions, we have an opportunity to answer your questions and help you get the most out of using your Solo 401k.

Questions We Cover:

  • If I’ve already contributed more money to my solo 401k than allowed, can I easily classify the additional contributions as ROTH contributions?
  • I understand the deadline has been extended to May 17 of 2021 to make a contribution for 2020 to a solo 401k… But does that plan need to be already existing…? Or what is the deadline for OPENING a solo 401k to accept a contribution for 2020…? Roth account is what i want to open…
  • I just created my solo 401K plan this year in March 2021. I contributed $37,500 toward my SEP IRA plan last year for 2020. Could I still contribute to the solo 401K plan in anyway? ($19,500 from the employee side or personal account directly into the tax deferred Solo 401k or $19,500 into a roth solo 401k after tax contribution from the employee side or personal account for tax year 2020?)
  • If a business changes from unincorporated to an S corp in the middle of the year how should the contributions be made and reported to IRS to maximise tax deferral benefits
  • I turned 70 this year, and I am wondering whether I need to take mandatory distributions out of my Solo 401k, and if so, starting when, and how much I need to take out each year. Also, can I continue to contribute to my Solo 401k after 70 or not and defer my federal taxes to a later date.
  • Can I use solo 401K money for real estate auctions?
  • …and more!

Solo 401k Open Q&A for April 7, 2021: Replay

Click below to watch the Solo 401k Q&A replay for April 7th, 2021

 

 

 

 

 

 

 

 

 

Resources included in the Q&A:

Our Knowledge Base and Solo401k.com blog have a plethora of articles to help you navigate your Solo 401k.

The following resources were included in today’s session:

Join our next Q&A session on Wednesday, April 14th, 2021 at 1 pm ET.

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