Our one-of-a-kind online platform includes 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:
Our platform helps you track your plan's debits and credits. It will also segregate 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.
With your IRAR Solo 401(k) comes an incredible array of additional tools to help you grow.
You will get reminders for the tax filing deadline and updates regarding your plan type.
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 $61,000 in 2022 and $66,000 in 2023. Employees and employer contributions combined may not exceed this limit.
The maximum employee contribution from employment income is $20,500 in 2022 and $22,500 in 2023 with an additional catch-up of $6,500 if over age 50 in 2022 and $7,500 in 2023.This is all tracked and calculated by our platform.
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 assets allowed in our self-directed Solo 401(k):
The contribution calculator 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 and take a look!
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!
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!
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.
Get access to senior retirement experts who can answer all your burning questions.
Tap into a professional network that understands self-directed retirement, estate planning, and more.
Store your plan-related documents, agreements, contracts, receipts, expenses, and more.
We are very excited to launch a product that is not only state-of-the-art friendly but also affordable to the small business owner. It is our mission to help you build retirement wealth.
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 401(k), Self-employed 401(k), and One-Participant 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.
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.