Tax Savings Made Easy
Solo 401k

What’s solo 401k

The requirements for a Solo 401(k)
It’s a retirement plan designed for self-employed individuals or business owners with no employees other than a spouse.
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Eligibility
To participate in a Solo 401(k), you must have earned income from self-employment. You can contribute up to 100% of your self-employment income, up to the annual contribution limits set by the IRS.
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Annual Contribution Limits
The annual contribution limits for a Solo 401(k) are generally higher than those for other retirement plans, such as traditional or Roth IRAs. For 2023, the maximum contribution limit is $61,000 or $64,500 if age 50 or older.
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Investment Options
A Solo 401(k) typically offers a wide range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
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Record keeping
As with any retirement plan, it is important to keep accurate records of contributions, investment earnings, and withdrawals.
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Advantage

Contribution limits
It offers high contribution limits, tax-deferred growth, flexible investment options, and potential tax deductions, making it a valuable addition to any retirement savings strategy.
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Higher contribution limits
Ability to borrow from the plan
Saving tax & Investment
It offers high contribution limits, tax-deferred growth, flexible investment options, and potential tax deductions, making it a valuable addition to any retirement savings strategy.
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Flexibility in investment options
Tax-deferred growth
Potential tax deductions
Who is for a solo 401K?
Find out how you can use the same plans that large corporations use to reduce their tax liabilities.
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Self-employed
Designed for self-employed individuals or business owners with no employees other than a spouse.
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Want to know how much tax can save?
Do you know retirement can save tax? Calculate your income and see the plan best fit for you
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Want to schedule a meeting with us?
Let’s schedule a meeting. Start Inquiry!

The process

  • Initial inquiry
  • Proposal review
  • TransGlobal service agreement
  • Plan setup
  • Plan implementation
  • Plan investments
　　
Initial inquiry

STEP 1

 

 

Client or agent will complete the Pension Inquiry form or website application to provide information to TransGlobal. The information provided allows TransGlobal to generate a proposal with maximum contributions based on independent variables.

 

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Proposal review

STEP 2

 

 

Agent and/or TransGlobal team member presents the proposal to the client to explain each contribution amount. The administration fee structure will also be reviewed here.

 

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TransGlobal service agreement

STEP 3

 

 

Once the client understands the proposal and wishes to proceed to plan setup, the TransGlobal Service Agreement will need to be signed. This form details all direct fees charged to the client and explains TransGlobal's responsibilities as the plan administrator.

 

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Plan setup

STEP 4

 

 

TransGlobal applied for plan documentation on behalf of the client's business. A new EIN number will need to be procured to identify the pension plan trust. The client will need to review and sign the completed SS-4 form provided by TransGlobal prior to submission.

 

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Plan implementation

STEP 5

 

 

Once the plan documents are issued and received by TransGlobal, a TransGlobal team member will meet with the client to discuss the details and structure of the newly established pension trust. The client's signature will be required to approve the plan documents.

 

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Plan investments

STEP 6

 

 

Finally, an account will need to be set up to receive the contributions for the pension plan. The type of account that will be opened may vary due to the client's profile. Due to the limitations of qualified plans, a TransGlobal team member may assist in recommending a suitable account.

 

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Compare all plans for self-employed or small business owner
See the different between Solo 401k and Roth 401k to insure which plan is more work for you
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Solo 401k
Designed for self-employed individual
Higher annual Contribution Limits
Wide investment Option
Accurate Record keeping
Inquiry
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Roth IRA
Designed for self-employed individual
Tax-free withdrawals
No required minimum distributions (RMDs)
No age limit
Roth IRA
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SEP
Easy to Set Up and Administer
High Contribution Limits
Tax Benefits
Flexibility
SEP
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Simple IRA
Easy to Set Up and Administer
Tax Benefits
Matching Contributions
Employee Contributions
Simple IRA

See all retirement plan

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Solo 401k

Tax Saving made easy

 

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