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January 15, 2025
401k Nondiscrimination Testing Explained

Qualified retirement plans, like a 401k, have a nondiscrimination rule stating that all employees of a company must receive the same retirement benefits, regardless of their position and income level at the company.  To do this, a company must divide their employees into two different groups: Highly compensated employees (HCEs) Non-highly compensated employees (NHCEs) The IRS sets the qualifications [...]

rollover ira to solo 401k
IRA
January 15, 2025
Can I Rollover An IRA To A Solo 401k?

Looking to open a Solo 401k plan? Get started today with just a few clicks – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a Mega Backdoor Roth conversion with a few clicks. An IRA is a tax-deferred retirement [...]

5 year rule
January 15, 2025
The 5-Year Rule Of A Roth IRA, Roth 401k, And Roth Solo 401k

Looking to open a Solo 401k plan? Get started today with just a few clicks – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a Mega Backdoor Roth conversion with a few clicks. Roth retirement accounts have a [...]

self directed solo 401k
January 15, 2025
The Self-Directed Solo 401k Explained

Looking to open a Solo 401k plan? Get started today with just a few clicks – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a Mega Backdoor Roth conversion with a few clicks. The IRS lets you invest [...]

what is 401k
January 15, 2025
What Is A 401k? How It Works And Basic Rules

401K OVERVIEW & FAQ What is a 401k? A 401k is an employer-sponsored retirement account. If your company offers a 401k, you can automatically deposit a portion of your paycheck into your plan, where it gets invested with tax-free compounding until retirement. What is the contribution limit of a 401k? $23,000 for 2024 and $23,500 for 2025. If you’re [...]

what is roth 401k
January 15, 2025
What Is A Roth 401k (Roth Vs Traditional 401k)

The employer-sponsored 401k plan comes in two different account types: Traditional and Roth. The main difference between them is when and how they get taxed. Traditional 401k contributions give you tax benefits when you contribute money into your plan. Roth 401k contributions give you tax benefits when you withdraw money from your plan. Here’s everything you [...]

401k withdrawals
January 15, 2025
401k Withdrawal Rules & Penalties Explained

401K BASIC WITHDRAWAL RULES You must be at least at least 59½ years old to start taking distributions without a 10% penalty. To withdraw from a Roth 401k, you must be at least 59½ years old and your Roth 401k account must be at least 5 years old. Early withdrawals are subject to a 10% penalty, plus income [...]

401k loan fees
January 15, 2025
Fees, Interest Rates, And Taxes For A 401k Loan

OVERVIEW 401k loan interest rates: The interest rate for a 401k loan is prime rate plus an additional one or two percent. 401k loan fees: Your plan provider may charge origination and maintenance fees totalling between $75 to $150. 401k loan taxes: 401k loans lead to double taxes. There is no tax for taking a 401k loan. However, repayments must be [...]

ira vs 401k
January 15, 2025
IRA Vs 401k: Main Differences Explained

Two of the most popular types of retirement accounts are the 401k and the IRA. They both offer tax advantages but have different eligibility rules, contribution limits, withdrawal rules, and investment options. .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { --jtoc-numeration-suffix: ". "; [...]