If you’re a Vanguard customer with an individual 401(k) / i401(k), you might be feeling a bit lost right now. But don’t worry, this guide will break down everything you need to know about Vanguard’s departure from the solo 401(k) space, plus a detailed, step-by-step guide on how to rollover your funds to another provider like Carry. [...]
OVERVIEW A solo 401k rollover is the transfer of funds/assets from another retirement plan you own into your solo 401k. There are no limits on how much you can rollover, and it doesn’t affect your annual solo 401k contribution limits. You can rollover funds and/or assets from any type of retirement account, except a Roth IRA. There are two [...]
Steps to close your solo 401k plan Step 1: Empty your account by withdrawing all funds and assets through a distribution or rollover into another retirement plan. Step 2: Notify your solo 401k plan provider that you wish to close your account. Step 3: File Form 5500-EZ with the IRS Thinking of closing your solo 401k plan with another [...]
Open a solo 401k plan online in under 10 minutes – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a mega backdoor Roth conversion with a few clicks. If you were late in starting to save for your [...]
OVERVIEW To withdraw from your traditional solo 401k account with no penalties, you must wait until you turn 59½ year of age. To withdraw from your Roth solo 401k account with no penalties, you must wait until you turn 59½ year of age AND your account must be at least 5 years old. Early withdrawals will be hit [...]
OVERVIEW & FAQ What is a solo 401k loan? A solo 401k loan gives you the option to borrow money from your solo 401k account, rather than making an early-withdrawal and being hit with fees and taxes. How do I qualify? As long as you have funds in your solo 401k account, and your plan provider offers a loan [...]
OVERVIEW What is Form 5500-EZ? An annual tax return required for all solo 401k plan owners with over $250,000 in plan assets. When is the deadline? 7 months after your fiscal year ends. If you use the calendar year, the due date for the 2023 tax year is July 31, 2024. What are the late penalties? $250 per day that you’re [...]
Open a solo 401k plan online in under 10 minutes – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a mega backdoor Roth conversion with a few clicks. Use our solo 401k contribution calculator to determine how much [...]
Open a solo 401k plan online in under 10 minutes – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a mega backdoor Roth conversion with a few clicks. If you’re a business owner and are eligible for a [...]