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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 [...]

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 [...]

solo 401k withdrawal rules
February 9, 2024
Solo 401k Withdrawal Rules & Penalties Explained (2024 Update)

OVERVIEW To withdraw from your traditional solo 401k account with no penalties, you must wait until you turn 59½ year of age. To withdraw from your Roth solo 401k account with no penalties, you must wait until you turn 59½ year of age AND your account must be at least 5 years old. Early withdrawals will be hit [...]

solo 401k loans
February 9, 2024
Solo 401k Loans Explained: Is It A Good Idea?

OVERVIEW & FAQ What is a solo 401k loan? A solo 401k loan gives you the option to borrow money from your solo 401k account, rather than making an early-withdrawal and being hit with fees and taxes. How do I qualify? As long as you have funds in your solo 401k account, and your plan provider offers a loan [...]

form 5500-ez
February 9, 2024
Form 5500-EZ: How to File, Deadlines & Penalties

OVERVIEW What is Form 5500-EZ? An annual tax return required for all solo 401k plan owners with over $250,000 in plan assets. When is the deadline? 7 months after your fiscal year ends. If you use the calendar year, the due date for the 2023 tax year is July 31, 2024. What are the late penalties? $250 per day that you’re [...]

February 9, 2024
Solo 401k Contribution Calculator for 2023 & 2024

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. Use our solo 401k contribution calculator to determine how much [...]

IRA
February 9, 2024
Solo 401k vs IRA (Traditional & Roth): Which Is Better For Business Owners?

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’re a business owner and are eligible for a [...]