Solo 401k Plans For Self-Employed Business Owners

$899 FLAT ANNUAL FEE, NO TRANSACTION FEES!
  • Real estate investments allowed

  • Roth Solo 401k available

  • Free recordkeeping tool

 

FREE CONSULTATION         OPEN SOLO 401(k)

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IRAR's Solo 401k Retirement Plan is 100% Self-Directed

 

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Experience the Highest Level of Compliance and Efficiency

Our one-of-a-kind online Solo 401k platform includes free premium recordkeeping features to help you follow plan rules— it's super easy to use. Here are a few of the many benefits it offers:

  • Unlimited plan participants (owners & spouses)
  • Allowed Roth Solo 401(k) component
  • Allowed alternative investment options and real estate
  • Allowed loan up to $50,000
  • Creation of plan loan agreement and repayment tracking
  • Preparation IRS form 5500-EZ, 1099-R
  • FREE plan restatements
  • Automatic checkbook control or connection to checking account
  • IRS Approved plan document and adoption agreement
  • Secured document storage of investment holdings 
  • Easy creation of your Employer Identification Number (EIN)
  • Ongoing support from experts
  • And much more!

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Don't Let Anything Fall Through the Cracks! The IRS Will Catch It.

Our platform helps you track your plan's debits and credits. It also segregates the distinct types of contributions, allocating the funds in the proper plan sources. This keeps your plan compliant with IRS rules. This is something that no other platform can do. 

REQUEST A Demo

Interested in a Self-Directed Solo 401(k) for Your Small Business?

Schedule a one-on-one demo of our platform. Discover how you can effortlessly maintain and track your Solo 401(k) investments, efficiently managing your time and money— while ensuring full compliance with IRS regulations for your account.

FREE CONSULTATION

Simple, Transparent Pricing

Premium features and recordkeeping platform at an affordable rate.

Solo 401(k) Retirement Plan

The annual fee includes the plan document, unlimited transactions and online recordkeeping, plus all premium features.

$899/yr

No transaction fees. One flat annual rate.

Learn more >

Understanding the Self-employed 401(k)

Eligibility:

You can set up a Solo 401k plan if you do not have any full time employees. If your spouse works for the business, your spouse is also eligible to save.

How it Works

A Solo 401k allows you to contribute to your retirement savings in two ways: as an employee with salary deferrals from your business income (considered your compensation), and as the employer with profit-sharing contributions.

As the Solo 401(k) plan administrator, you find, buy, sell, and manage the assets and retirement funds. It's important to segregate your plan from personal finances and business expenses. Proper recordkeeping will help you maintain the tax benefits of your solo401k. 

Monitor Contributions and Tax Treatment

Our platform allows you to monitor your contributions, broken down by type. For example pre-tax contributions are tax-deductible, but withdrawals in retirement are taxed as income.

Roth Solo 401(k) contributions are made in after-tax dollars and are not tax deductible. However, withdrawals in retirement are completely tax-free. Proper recordkeeping is important to make sure you get the tax break at retirement.

Solo 401(k) Contribution Limits

2023 Employer Contribution Limits

Total contributions to a participant’s account, not counting catch-up contributions (50 or older), may not exceed the maximum allowed for the tax year. The maximum is the lesser of 25% of an employee's compensation up to the maximum limit of $66,000 in 2023 and $69,000 in 2024. Employees and employer contributions combined may not exceed this limit.

2023 Employee Elective Deferrals/Employee Contributions

The maximum an employee can contribute to a Solo 401k from employment income is $22,500 in 2023 and $23,000 in 2024 with an additional catch-up of $7,500 if over age 50 in 2023 and $7,500 in 2024. This is all tracked and calculated by our platform.

Expand Your Portfolio with Alternative Investment Options

Investments are fully self-directed which means you choose the investments you want in your plan. These can include alternative assets not usually available through most solo (k) providers or retirement account administrators. Like in any other retirement account, all assets have a tax advantaged status. 

Here are some of the many types of investment options allowed in our self-directed Solo 401k:

  • Real estate rentals
  • Private equity
  • Limited liability corporations (LLCs) 
  • C corporations 
  • Hedge funds 
  • Startups 
  • Small businesses 
  • REITs
  • Convertible notes 
  • Land trusts
  • Stocks, bonds, and mutual funds
  • Energy, oil, and gas 
  • Tax lien certificates 
  • Precious metals
  • Cryptocurrency

Solo 401(k) Calculators: Maximize Your Retirement Savings

Contributions Calculators

The contribution calculator on our platform makes it easy for 401(k) plan participants to know how much you can contribute based on your role and how much you earn. So, let's get started to take a look!

Required Minimum Distributions (RMD) Calculator

Regular distributions start at age 59 1/2 but when you reach 73, you will need to start taking an annual RMD. This calculator will help you figure out the exact amount of your RMD - it's super easy and helpful! 

Net Income Attributable (NIA) Calculator

If you accidentally put in too much to your solo 401(k) plan, don't worry. We've got a handy calculator to help you figure out the earnings or loss associated with the extra money you contributed. No need to stress!

Plan Loan Calculator

If you're taking out a loan from your plan, this calculator can help! It will figure out your available loan balance, let you choose how often you make payments, and provide an amortization schedule that your employer will approve.

Navigate Solo 401(k) with Confidence: Leading Compliance Experts on Your Side 

Get access to senior retirement experts who can answer all your burning questions. 

Informed Professional Network

Tap into a professional network that understands self-directed retirement, estate planning, and more.

Secure Document Storage

Store your plan-related documents, agreements, contracts, receipts, expenses, and more.

 

Solo 401(k) Frequently Asked Questions

 

Can you open a 401k without an employer?

No. Regular 401k plans are employer-sponsored retirement plans. However, if you have a small business with no employees, a Solo 401(k) lets you save for retirement. You can make contributions to the plan as both employer and employee and enjoy tax benefits. 

Can I open a Solo Roth 401 k on my own?

Yes. Anyone who has a business with no employees can open a Solo Roth 401k. You can do this on your own by completing an online application.

More Frequently Asked Questions

What is a Solo 401(k)? 

A Solo 401(k) is a retirement plan for self-employed individuals or business owners with no other employees. This employer sponsored plan allows the business owner's spouse to participate in the plan. This plan allows high contribution limits. Both employee and employer contributions are allowed, helping the business and the owner lower their taxable income. 

This plan is also known as Individual 401k, Self-employed 401k, Personal 401k, and One-Participant 401k.

 

How do I open a Solo 401(k)? 

To open a Solo 401(k) you must have earned income from a business with no employees. You will need an EIN for the Solo (k), an EIN for the business, a checking account, and a compliant recordkeeping platform. You do not need an LLC unless that is part of your investment strategy. 

What is the contribution deadline for a Solo 401(k)? 

The contribution deadline for a Solo 401(k) is usually the employer’s tax return due date plus extensions. For corporations, employee contributions must be deposited within 7 business days after each payroll period. Contributions can be made by both the employer and employee. Since this plan is considered an owner-only plan by the IRS, the employee is also the owner.

The District of Columbia's Emancipation Day holiday sometime falls around the same time, and the tax deadline is pushed out a few days for sole proprietors and C-Corporations.