White Coat Investor Podcast WCI #335: Solo 401(k) Questions
7 snips
Oct 5, 2023 Topics discussed include: changing from W2 to K1, creating an S-Corp, converting old IRAs to solo 401(k)s, financial advisor recommendations, setting up an S-Corp and determining a fair salary, consolidating multiple solo 401(k) plans, investment advisor disclosures and fee structures, hourly and retainer models for financial planning, asset allocation and value vs. growth stocks, portfolio construction and financial planning, and the need for a backup plan in managing finances.
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Set Fair Salary with S-Corp
- Pay yourself a fair salary when setting up an S-Corp to avoid IRS issues.
- Wait until the new year to establish your S-Corp to keep things clean and simple.
Solo 401k 5500 Filing Penalty Story
- A listener missed the solo 401k 5500 form deadline due to a mailed statement going to their old address.
- They successfully appealed a nearly $10,000 late fee, urging others to file the 5500 on time to avoid penalties.
Handle Solo 401k When Moving
- When relocating and dissolving a business, start a new solo 401k with a new EIN.
- Roll your old solo 401k funds into the new one to maintain tax advantages and simplify management.