Carry Learning Center

Looking for more freedom in how you invest your Solo 401k funds? Some account setups give you more control than others, especially if you are not tied to a prepackaged plan from a brokerage. A non-prototype brokerage account opens the door to broader investment choices and greater control. But it also shifts more responsibility to you [...]

Saving for retirement gets more complex as you move into your 50s and early 60s, especially if you are running your own business. The pressure to make the most of your remaining working years is real, but the rules are not always easy to follow. Important changes are coming soon that could affect how much you [...]

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 [...]

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 [...]

Many Solo 401k owners aged 50 and older 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 now finalized how this [...]

If you’re setting up a Solo 401k for 2026, 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, [...]

Roth conversions can offer long-term tax advantages, but they come with short-term consequences you need to plan for. When you move money from a traditional IRA or 401k into a Roth account, the conversion is taxable in the year it happens. Once completed, you can’t undo it. The 2026 tax year brings continued pressure to get [...]