This is a tricky situation because two different tax issues are stacked together: An excess contribution was made to the voluntary after-tax Solo 401k. That excess was then converted (in-plan Roth rollover or distribution/transfer) to a Roth IRA. Here’s how the IRS generally requires you to fix it: 1. Identify the Excess Contribution The excess […] The post How do I remove an excess contribution that was made to the voluntary after tax solo 401k and was then converted to the Roth IRA? app...| My Solo 401k Financial
Does Edward Jones Solo 401k Support Mega Backdoor Roth? Here’s How to Set It Up Watch: Guide to Edward Jones Solo 401k and Mega Backdoor Roth implementation Introduction If you’re a solopreneur or self-employed individual exploring advanced retirement savings strategies, you may have come across the Mega Backdoor Roth (MBDR) technique. This powerful strategy […] The post Does Edward Jones Solo 401k Support Mega Backdoor Roth? Here’s How to Set It Up appeared first on My Solo 401k Fina...| My Solo 401k Financial
For consultants, freelancers, and self-employed business owners, one of the most common compliance questions is: “Do I need to file Form 5500 for my Solo 401(k)?” The answer depends on the size and status of your plan. Let’s break it down. Watch: Learn How and When Form 5500-EZ Applies to a Solo 401k Plan What […] The post Learn If a a Solo 401(k) Has to File Form 5500-EZ appeared first on My Solo 401k Financial.| My Solo 401k Financial
Watch: Complete breakdown of the Solo 401k Vs the Roth IRA If you’re self-employed or running your own small business, you’ve likely asked yourself: Should I put my hard-earned dollars into a Solo 401(k) or a Roth IRA—or maybe both? Both accounts provide tax-advantaged growth, but they differ in eligibility, contribution limits, and long-term tax […] The post Learn If Is a Solo 401(k) is Better than a Roth IRA appeared first on My Solo 401k Financial.| My Solo 401k Financial
Does Gusto Solo 401k Support Mega Backdoor Roth? [2025 Update] Watch: Breakdown of Gusto’s Solo 401k capabilities and Mega Backdoor Roth implementation strategies Introduction: The Short Answer If you’re a self-employed individual or small business owner using Gusto for payroll, you might be wondering whether their Solo 401k option supports the powerful Mega Backdoor Roth […] The post Does Gusto Solo 401k Support Mega Backdoor Roth? [2025 Update] appeared first on My Solo 401k Financial.| My Solo 401k Financial
One of the most common questions we receive from self-employed professionals—consultants, freelancers, and real estate investors alike—is this: Is a Solo 401(k) tax exempt? The answer isn’t as simple as “yes” or “no.” It depends on the type of contributions you make (pre-tax vs. Roth), how you invest, and how you eventually take distributions. Let’s […] The post Learn If a Solo 401(k is Tax Exempt appeared first on My Solo 401k Financial.| My Solo 401k Financial
E*Trade Solo 401k Review 2025: Why Self-Directed Beats the Basic Plan Every Time Watch: Breakdown of E*Trade Solo 401k vs Self-Directed options for 2025 Introduction If you’re self-employed or run a business with no full-time employees other than yourself (and possibly your spouse), you’ve likely heard about the Solo 401k—one of the most powerful […] The post E*Trade Solo 401k Review 2025: Why Self-Directed Beats the Basic Plan Every Time appeared first on My Solo 401k Financial.| My Solo 401k Financial
Guideline Solo 401k Review 2025: Are High Fees Worth It? R Watch: Review of Guideline Solo 401k fees, features, and whether they’re worth it for your business Introduction The Solo 401k has become the retirement plan of choice for solopreneurs, consultants, and small business owners seeking maximum tax advantages and investment flexibility. With contribution […] The post Guideline Solo 401k Review 2025: Are High Fees Worth It? appeared first on My Solo 401k Financial.| My Solo 401k Financial
When it comes to retirement planning, self-employed individuals often wonder if they can enjoy the same advantages as those working for larger companies. The good news is that yes — self-employed people can have a Solo 401(k), provided certain eligibility requirements are met. Better yet, a Solo 401(k) can be one of the most powerful […] The post Learn if a Self-Employed Person Can Have a Solo 401k Plan appeared first on My Solo 401k Financial.| My Solo 401k Financial
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