06-27-2004, 11:22 AM
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 Re: Solo 401(k) Question: What if I go out of business? Roll it over to an IRA. "MissLivvy was:Curly" <XeveryidiwantistakenX[at]yahoo.com> wrote in message news:s_jDc.14638$w07.3519[at]newsread2.news.pas.earthlink.net... - quote - > I recently started a sole proprietorship (more out of serendipity than as a > deliberate plan). I am considering opening either a SEP IRA or a Solo 401k, > otherwise I am going to get totally hammered on taxes (Annual gross income > approx $150k) > What I like about Solo 401k is the option to take a loan out of up to $50k > in order to buy a home. I would be a first time homebuyer. What I don't like > about it is the idea of associated "administrative fees". > So what happens when I shut down my business and go back to working as W2 > employee? This will probably happen in 1-5 years. Can I close the solo 401k > and roll it into a regular 401k? Or do I have to leave it open and pay admin > fees on it forever? > TIA |
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06-26-2004, 11:43 PM
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| Solo 401(k) Question: What if I go out of business? I recently started a sole proprietorship (more out of serendipity than as a deliberate plan). I am considering opening either a SEP IRA or a Solo 401k, otherwise I am going to get totally hammered on taxes (Annual gross income approx $150k) What I like about Solo 401k is the option to take a loan out of up to $50k in order to buy a home. I would be a first time homebuyer. What I don't like about it is the idea of associated "administrative fees". So what happens when I shut down my business and go back to working as W2 employee? This will probably happen in 1-5 years. Can I close the solo 401k and roll it into a regular 401k? Or do I have to leave it open and pay admin fees on it forever? TIA |
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| 401k, business, question, solo |
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