Carry Learning Center

I’m excited to share that we just raised a $10M Series A for Carry. Carry enables business owners and modern professionals to grow their net worth by saving money on taxes. We do this by building the most powerful retirement platform for self-employed individuals, along with best in-class tax planning and education. And today, we’re announcing $10M to [...]

Your Behind the Scenes Look at Carry New to Carry or just curious? We put together this short demo and product walkthrough to help you see how Carry can simplify your finances and tax savings as a business owner. We’ll cover everything from setting up your account to advanced tax strategies that you can do in a [...]

The United States’ tax system operates on a pay-as-you-go basis, meaning you must pay taxes as you earn or receive income during the year. There are two ways to pay as you go: Withholding: If you receive a W-2 salary, your taxes are withheld by your employer to pay federal and state taxes to the IRS [...]

OVERVIEW SEP IRA contribution limit: Employers can contribute up to 25% of their compensation up to $66,000 for 2023 and $69,000 for 2024. SEP IRA contribution deadline Employers must make contributions by the federal tax filing deadline, which is normally April 15, each year. For 2023, the tax filing deadline is April 15, 2024. Can I request more time? Yes, you [...]

OVERVIEW Overcontributions to a 401k are called “excess deferrals” and must be fixed asap. If you correct the error before April 15 the following year, there are no penalties. Instead, the money gets returned to you, and gets added back to your taxable income in a new W-2 form. If you correct the error too late (after April [...]

OVERVIEW The contribution limits for a traditional IRA and Roth IRA are $6,500 ($7,500 if age 50+) in 2023 and $7,000 ($8,000 if age 50+) in 2024. Any contributions over the contribution limit is considered an excess contribution and must be fixed as soon as possible. There is a 6% excise tax on the overcontributed amount every [...]

If you forgot about an old 401k plan, you’re not alone. According to a study by Capitalize, there were over 25 million lost 401k accounts totalling $1.35 trillion in value in 2021. Finding a lost 401k account is actually quite easy. In most cases, it’ll be right where you left it – at your old company. [...]

OVERVIEW A solo 401k rollover is the transfer of funds/assets from another retirement plan you own into your solo 401k. There are no limits on how much you can rollover, and it doesn’t affect your annual solo 401k contribution limits. You can rollover funds and/or assets from any type of retirement account, except a Roth IRA. There are two [...]

Steps to close your solo 401k plan Step 1: Empty your account by withdrawing all funds and assets through a distribution or rollover into another retirement plan. Step 2: Notify your solo 401k plan provider that you wish to close your account. Step 3: File Form 5500-EZ with the IRS Thinking of closing your solo 401k plan with another [...]