Carry Learning Center

If you’re self-employed, a freelancer, or run your own small business, a Solo 401k can boost your retirement savings and offer you high contribution limits plus flexible investment choices. Choosing the right brokerage makes all the difference when you want to secure your future. We select our top brokerages by looking at: Fees and overall cost structure Investment [...]

Calculate Solo 401k loan repayment schedules and monthly payments [...]

Determine if you qualify for a Solo 401k loan and calculate maximum loan amounts [...]

Check if you are eligible to open a Solo 401k account [...]

Compare the costs and benefits of 401k hardship withdrawals versus loans [...]

Calculate penalties and taxes for early withdrawals from Solo 401k accounts [...]

📝 The government requires companies offering 401k plans to keep things fair for all employees. This ensures that highly paid employees (like executives) don’t get much better retirement benefits than regular employees. Each year, companies must run tests to prove that the retirement benefits and contributions are relatively equal between these two groups of employees:  Highly compensated [...]

OVERVIEW Transfers and rollovers are used to move funds from one retirement account to another. While they have similar functions, they’re treated differently by the IRS. A rollover is the moving of retirement funds between two different types of retirement accounts. A transfer is the moving of retirement funds between the same type of retirement account. There are [...]

KEY SIMILARITIES Both direct and indirect rollovers must be reported to the IRS when you file your income taxes. Both direct and indirect rollovers can move an unlimited amount of money between your accounts. Both direct and indirect rollovers are not taxable events. However, missing the 60-day deadline with an indirect rollover would be counted as a distribution, [...]