• 2022 Annual contributions up to $61,000 with an additional $6,500 catch-up contribution for those over age 50.
• 2023 Annual contributions up to $66,000 with an additional $7,500 catch-up contribution for those over age 50.
Borrow from Your Self-Directed 401k (Tax- And Penalty-free)
• Borrow up to $50,000 or 50% of your account value (whichever is less) for any purpose. Loans must be paid back within 5 years.
• Plan participants may have the option to have checkbook control over their retirement funds. American IRA acts as the record keeper for the Self-Directed Solo 401k plan.
• A built in Roth provision is included which can be contributed to without any income restrictions.
• You are the trustee of the plan. American IRA acts as the record keeper.
A Wealth of Investment Options
• You can invest in real estate, private lending, limited liability companies, precious metals, tax liens, and much more!
Exemption from UDFI
• With a Self-Directed Solo 401k plan, you can use leverage to purchase real estate, which may be exempt from.
• Most of your other retirement accounts for example: 401k from other employer, SIMPLE IRA, SEP IRA, 403(b), 457(b), and Traditional IRA.
Note: Only new Roth contributions are allowed in a Solo 401k, existing Roth funds can’t be transferred or rolled in.