This should have 1 million views

I've watched several videos explaining this. And, I must admit this video was the most clear and concise video that I've seen on this topic. I really appreciate how you simplified this topic. Thank you!

@equitytrustcompany

3 жыл бұрын

Thank you for the positive feedback! We're happy you found this video helpful.

This is excellent content. I’m a W-2 (no retirement from employer) and side-hustle and real estate investor trying to find something better than an IRA. Thank you!

Damn, this video is clean. Imma like it just to save it and watch it over in more detail later

You're hired!

Thank you!!

Very good!

Thank you

Thank you for simplifying the SOLO 401k. IRS website was not as easy. Thank you. The last part, when you talked about the substantial and recurring contributions: If I don't make money for a particular month or two due to slow business but still contribute, will I be penalized? Or the other way around. If I don't contribute constantly every month I will be penalized. Thanks again for this video.

@equitytrustcompany

4 жыл бұрын

We're happy you found our video helpful! IRS guidelines require earned income for contributions. I would encourage you to consult with your CPA or tax professional regarding individual facts and circumstances affecting recurring contributions.

Three questions: 1.For the solo 401k, in regards to the employer deferral, can that be made with pretaxed money, or is that also made with ordinary money similar to the employee contribution? 2. Can you have one company where youre the only owner and employee and open an individual 401k, and another company where you have employees and contribute to SEP IRA? So basically contribute to both without the limits being affected? 3. Can you hire contractors instead of employees to avoid some of the cons of individual 401k (aka 1099 contractors)?

compound interest should be known by all

If I have W2 employees and offer them an IRA with a match, am I able to make an employer deferral beyond my own match?

Excellent information. Does I pay Social Security and Medicare on my contribution to a Solo 401K through my W2?

You said you can max out your 401k and IRA contributions in the same year. Is that only for the traditional and Roth IRA's or can you have a SEP IRA, solo 401k and traditional/Roth IRA maxed out in the same year? Would working for multiple entities you own help with this?

Which of the following can you have together ? Solo 401K, Roth IRA, SEP IRA. Can you have all 3?

If I open a Solo 401k this year but in a few years open a side business (retail shop) that has employees, can I still keep my solo 401k since it will be a completely different business?

Do I lose all my money if a 401k company goes out of business? Thank you very much.

I have a SEP (three years old) can I covert it and its assets to a solo 401K?

I am a small business owner. My wife also receives a monthly salary for helping me with marketing and other stuff. I`m considering opening up a SEP IRA as a vehicle for my stocks and index funds, am I required by the law to contribute to her SEP IRA?

What about salary employee, I have a minor work permit for my son?

How much does it cost to have my solo401k with equity trust company?

what happens if i set up a solo 401k and i end up A) end up hiring employees down the line. B) closing down my business at some point in time?

When you hire employees you don't have to convert to a normal 401k. You can just freeze it, keep maxing out your ira while you have employees but can you UNfreeze a solo 401k if you no longer have employees so that can can just begin contributing to it again?

wow, and I'm sitting here thinking I can only contribute 18k per year total, didn't know that there was an employer deferral. I only have an IRA that I max out but my financial planner is telling me it'd benefit me to take advantage of contributing more to a tax deferred account rather than just putting the rest of it into a managed account with my broker after paying taxes on it. I've been doing it this way so far because I wanted the money to be accessible to me but it's at the point where I have more then enough available for whatever I need (house down payment, for example). I should now really take advantage of the tax deferral.

Thank for making it simple. Have coupe of questions 1. I have multiple income generating business. I can open one for each business and contribute $19500 and deferral ? 2. Best Brokerage to open account with where I can do trading if allowed?

@marvilltx9430

3 жыл бұрын

Good questions.

@2020Dreamlife

3 жыл бұрын

Merril lynch. I believe it’s only 1 but ask the pros.

@alvinrodgers934

3 жыл бұрын

Your max includes all plans. You don’t get a max per plan.

you are confused me with 20% . First you said net income $20000 can contrib $19500 the you said 20%? please explain in detail calculation.

I am 68 and self-employed. Learning about Solo 401k suggests the following strategy to me. Comments will be greatly appreciated. ----- Business profits + SS + IRA WDs (voluntary or RMD) push me into higher brackets. To remain in lower brackets, I’ll make MAGI-reducing contributions to a Solo 401k. 1)_Is this permissible? 2)_Is this sensible? This strategy seems to afford me fine control of my tax bracket.

So a couple can both open their solo 401k each but after having done that, can their minor child who makes some part time income from working for the business open a regular IRA that has nothing to do with solo 401k plan or SEP IRA?

@equitytrustcompany

7 ай бұрын

Hello, it is possible for 2 spouses working in the same business to establish a Solo 401(k) plan and both be participants of the plan. This is assuming both are declaring earned income. Passive only income would not satisfy the requirements. It would be possible for a child, who is working part-time to establish a Roth IRA with their earnings. That said, I would suggest you map all of this out with your CPA or tax planner as there are varying nuances and rules to follow with respect to Solo 401(k) plans for your business, children receiving income from your business, and minor children contributing to a Roth IRA.

Do you know if you could buy a property with a solo401k with an agreement for sale?

@equitytrustcompany

Жыл бұрын

Hello Perla, thanks for reaching out, click this link for more information! www.trustetc.com/self-directed-accounts/small-business/solo-401k/?

Can you have part-time w2 employees that have worked less than 1000 hours per year?

@Daniel-from-Texas

2 жыл бұрын

No employees

@tekskills

2 жыл бұрын

What about if your spouse is your employee?

can i do this as a sole proprietor or do i need an s corp?

@ScottGerke

Жыл бұрын

you must have an EIN (employer identification number) to participate. No SSN's allow. So, as long as you have an EIN, you're good to go.

Why do they limit you so hard with the ira compared to this? The ira so damn simple. I wonder why it's so limited?

@lasvegasadventures8729

3 жыл бұрын

Yea...Wouldn't that be just so simple??? Why not allow $50K per year for (Roth) IRA? Make it easy for the common folks?

I was getting excited till he said you can’t have employees

0:04 1:14

#Americans #DiamondsOutofAshes