I recently sat down with Eric Wikstrom – CPA, CFP, & Founder of Integrated Wealth Strategies.
In this segment we briefly discuss the Solo 401k and how it differs from a Self Directed IRA.
The following clip observes the benefits of unrestricted investment choices.
[Additional clips from this discussion to come]
When opening a Solo 401k…Deadline is 12/31/08, when do you need to fund the account and is there a minimum?
Yes, to open a Solo 401k that can receive contributions from 2008 income, the plan must be created before 12/31/08. Contributions can be made up until the tax filing deadline for the business that adopted the plan.
A Solo 401k can be adopted by a C Corp, S Corp, Partnership, LLC, or even a sole proprietorship.
While a stock broker’s version of a Solo 401k may only be a couple of pages, ours has been specially designed to offer the maximum flexibility by law, and it is hundreds of pages of document preparation which usually takes several business days. If you want to set one up for this year, call my office soon at 877-SOLO-401K.