Wellth Counselors | Solo 401(k)

A Gift from the Government-Do you qualify?

Can you use the wonderful gift from the government called a Solo(k) or Individual(k)? A Solo(k) is a combined salary deferral and profit sharing retirement plan for sole proprietors, small business owners with no employees exept for part time persons working less than 1000 hr. per yr, and their spouses.

The Big News: Unlike a Roth IRA, the income limits of $110,000 AGI for a single person, and $160,000 AGI for married couples filing jointly, do not apply. A Solo(k) can increase tax-free savings by $20,000 per yr.,or $40,000 per married couple.

Some of the people who can benefit from this new plan are:

Real Estate Brokers
Sole Practitioner CPA Firms
Consultants and Contractors
Entrepreneurs
Lawyers
Electricians
Interior Decorators and Designers
Direct Sales and Network Marketing Pros
Any sole Practioner
Independent Realtor or Real Estate Investment Company

The reasons Solo(k) is more attractive than SEP IRA or Simple IRA:

You can borrow up to $50,000 or 50% of the balance
You can invest in Life Insurance;
You can invest in “S” Corporations;
You can avoid UBIT when using leverage to by Real Estate;
A portion of your savings can grow tax free for life;
There is no income cap on contributions.

For more information about this amazing, rare, Gift from the Government call our office to see if you qualify,