Yes you can but the two plans are treated as one for purposes of determining your maximum contribution limits. Since the Solo 401k allows for greater deductions on less income, having both may not make the most sense. Further, according to Mr. Boldragini ID#31-08350 of the IRS if you want to have both a SEP-IRA and a Solo 401k, you may not contribute to both in a given tax year unless you used a plan document other than the IRS model document for the SEP-IRA (i.e. IRS Form "5305-SEP").

Yes you can. The two are not related. They each have their own contribution limits and contributing to one does not reduce the contributions you can make to the other. However, the right to make contributions to a ROTH IRA phases out if MAGI exceeds certain specified limits, regardless of whether the individual is an active participant in a qualified plan. See similar questions...

No you may not. Because SIMPLE plans often have exclusive plan rules, they are generally not allowed alongside a Solo 401k. However, you can easily terminate your SIMPLE plan and start and contribute to a Solo 401k for this year. Here is where you can find information about SIMPLE plans and how the IRS says to terminate the SIMPLE. http://www.irs.gov/retirement/article/0,,id=111420,00. See similar questions...

Yes you can. However, the two are related in that if you are an active participant in a qualified plan (say, for example, a Solo 401k plan) limits are placed on the amount of a contribution to a traditional IRA that is deductible. For single individuals and heads of households, the part of the contribution to a traditional IRA that is deductible phases out ratably if MAGI is more than $45,000 and less than $55,000 in 2004. See similar questions...

quot;After the two year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax sheltered annuity plan (Section 403(b), or deferred compensation plan of a state or local government." (emphasis added). Since a Solo 401k plan is a "qualified plan", so yes you can roll a SIMPLE IRA into a SOLO 401k after two years. See similar questions...

Yes you can. The contributions to your Solo 401k will be based on your self-employment income and not on income earned as an employee of another company. However, the two plans are treated as one for purposes of determining your maximum contribution limits. You may not defer more than $15,500 into both plans combined. For example, you may not defer the maximum as an employee at work ($15,500 in 2007) and then another $15,500 into your Solo 401k as an employee of your own company. See similar questions...

Yes you can. The two are unrelated. They each have their own contribution conditions and limits and contributing to one does not reduce the contributions you can make to the other. The citation for this authority is a telephone message left on our voice mail on 2-21-2007 at 9:52 a.m. by Don Curlzyk of the IRS, in response to an email we sent to retirementplanquestions@irs.gov. Mr. Curlzyk's telephone number is 513-263-3573. See similar questions...

You can have a 401kBrokers.com Solo 401k plan with just one or more business partners and no other employees. It will not be subject to top heavy testing, and the anti-discrimination rules as long as your partners are 5% or greater owners or are "highly compensated" (receives more than $100,000 in income from the business (2006) and you have no other employees other than your partners. See similar questions...

Yes. You can self direct all of these types of accounts. They can all be invested into the CHECK BOOK See similar questions...

There are no prohibitions on distributions from IRA-based plans. A participant can take distributions at any time. However, in addition to the distribution being taxable, it may be subject to a 10% additional tax if the participant has not reached age 59 1/2. If the distribution is taken in the first 2 years of participation in a SIMPLE IRA plan, the additional tax is increased to 25%. See similar questions...

A SEP allows a self-employed person to contribute more to a retirement account than the current limits on 401(k) and IRA. For a sole-proprietor, the maximum contribution is 20% of net operating income, up to $45,000. If a small business owner allocates a specific amount of cash flow to salaries, the maximum SEP contribution is 25% of compensation, up to $45,000. There is no upper age limit on participation in a SEP. See similar questions...

SEP stands for "Student Education Plan." For more information, please contact the Department of Counseling at 510-436-2475. See similar questions...

For 2004: A: The maximum employee and employer contributions combined may not exceed $41,000 in 2004 (if you are under 50) and $44,000 if you are older than 50 (or if you turn 50 in 2004). For 2005: A: The maximum employee and employer contributions combined may not exceed $42,000 in 2005 (if you are under 50) and $46,000 if you are older than 50 (or if you turn 50 in 2005). See similar questions...

Yes. On April 20th, 2005 the President signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("Act"). The Act makes significant changes in the bankruptcy rules, including adding specific protections for retirement plans. The Act goes into effect for bankruptcy petitions filed after October 16, 2005.The new law exempts from the bankruptcy estate assets held by a qualified plan (Solo 401k or Company 401k), 403(b) plan, 457 plan or IRA (traditional, Roth, SEP and SIMPLE). See similar questions...

If a prototype plan was used, the employer should have received an amended plan from the financial institution that provided it with the plan. If for some reason the employer didn't receive a new plan document, the financial institution should be contacted. While the financial institution provides many administrative services for the plan, it is the responsibility of the employer - the plan sponsor - to ensure that the plan is kept up-to-date with current law. See similar questions...

Contributions must be made for each eligible employee in a SEP, even if over age 70 1/2. Such an employee must take minimum distributions, however. No, contributions are not required to be made every year, but in years contributions are made to the SEP, they must be made to the SEP-IRAs of all eligible employees. A SEP cannot have a last-day-of-the-year employment requirement. If the employee is otherwise eligible, they must share in any SEP contribution. See similar questions...

No, but the employee participant may convert the SEP IRA into a Roth and pay the tax due on the conversion. See similar questions...

Completed IRA Adoption Agreement. When applying on-line, this form is automatically incorporated into your application. See similar questions...

Even though the money owed to you and/or your IRA represents a claim in a bankruptcy estate, the IRS provides different tax treatment for IRA investments and/or distributions from such IRA investments. It is critical that you identify your claim as IRA investment if your investment was originally recorded as an IRA contribution. See similar questions...

Each consultant will receive a new hire packet, which includes a 401K-enrollment form. The enrollment form should be submitted to our HR department. Once this is received a 401K package will be sent which outlines the investment options. See similar questions...