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June 17, 2024
Demo: See Everything That Carry has to Offer

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 [...]

May 17, 2024
Vanguard Exits Solo 401(k) Market: Here’s How to Roll Over Your Funds to Carry

If you’re a Vanguard customer with an individual 401(k) / i401(k), you might be feeling a bit lost right now. But don’t worry, this guide will break down everything you need to know about Vanguard’s departure from the solo 401(k) space, plus a detailed, step-by-step guide on how to rollover your funds to another provider like Carry. [...]

sep ira limits deadlines
February 14, 2024
SEP IRA Contribution Limits & Deadlines For 2023 & 2024

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 [...]

overfunded 401k
February 14, 2024
How To Fix Overcontributions To Your 401k

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 [...]

overfunded ira
February 14, 2024
How To Fix Overcontributions To Your IRA

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 [...]

lost 401k found
February 14, 2024
How To Find A Lost 401k Plan (3 Methods That Work)

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. [...]

solo 401k rollover
February 9, 2024
How Solo 401k Rollovers Work

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 [...]

February 9, 2024
How To Properly Terminate A Solo 401k Plan

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 [...]

February 9, 2024
How Solo 401k Catch-up Contributions Work

Open a solo 401k plan online in under 10 minutes – 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. If you were late in starting to save for your [...]