Carry Learning Center

If you have a Solo 401k, staying compliant does not end after setup. Plan documents require periodic updates to reflect changing IRS rules. Missing these updates can lead to unexpected consequences. That is why Solo 401k restatements exist. In this article, you will learn what a Solo 401k restatement actually is, why it matters, and what to [...]

The One Big Beautiful Bill Act, signed into law by President Trump on July 4, 2025, introduces substantial changes to the U.S. tax code that will affect millions of Americans filing 2025 returns. The legislation includes new deductions for tips and overtime pay, increases the Child Tax Credit, and raises the state and local tax [...]

The Arizona Department of Revenue is urging residents to file their 2025 income tax returns on schedule despite the state lacking an approved tax code that conforms to recent federal changes, a situation that could force roughly one million taxpayers to amend their filings and cost the state $20 million to process. The unusual predicament stems [...]

The IRS began the 2026 tax filing season Monday with 27% fewer employees than it had a year ago, raising concerns about delays for millions of taxpayers who need assistance as the agency implements over 100 new tax law changes, according to National Taxpayer Advocate Erin Collins’s annual report to Congress. The workforce dropped from approximately [...]

Borrowing from a 401k can feel like a short-term fix, but it may lead to unexpected taxes if employment changes or payments stop.  This article explains two situations that often cause confusion: a loan default that turns into a taxable deemed distribution, and a plan loan offset (including a Qualified Plan Loan Offset, or QPLO) where [...]

Starting in 2026, many Solo 401k owners aged 50 and older will face new rules on how they handle “catch-up” contributions. Under the SECURE 2.0 Act, those with prior-year wages above a certain threshold must designate catch-up deferrals as Roth. This means they’ll be made with after-tax dollars, without reducing current-year taxable income. The IRS has [...]

If you’re setting up a Solo 401k for 2025, you’re probably focused on maximizing your retirement savings and reducing current income taxes. But there’s another piece that often trips up self-employed filers and small business owners: how these contributions affect payroll taxes like Social Security and Medicare. A Solo 401k can shelter a meaningful portion of [...]

Having a side business can open the door to extra retirement savings, especially if you are already participating in a 401k through your day job. At first glance, it may look like you are doubling your retirement benefits. But the IRS has contribution limits that apply across both plans, and coordinating them takes careful planning. You [...]

If you added money to an IRA or moved funds between retirement accounts, Form 5498 is the official record of those actions. Your IRA custodian files this form directly to the IRS and also sends you with a copy. It shows your total contributions, any rollovers or Roth conversions, the account’s year-end fair market value, [...]