Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.

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Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.

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Individual 401(k)

An Individual 401(k) or Solo 401(k) plan allows individuals from owner-only businesses and partnerships to set aside money in a tax-advantaged retirement account for themselves.

Key Advantages:

Is this retirement account right for you?

Easy to set up and maintain

Potentially higher contribution limits than a SEP IRA

More flexibility than other plans - may take personal loans, invest in collectibles, avoid UDFI, avoid UBIT on leveraged tax properties

Eligibility:

Available to self-employed individuals or business owners with no employees other than a spouse
Includes sole proprietors, partnerships, C corporations, S corporations with no full time employees
Plan document must accompany application

Funding Your Account:

The business owner is both employee and employer and can fund in both capacities; employee deferral and employer contribution

Withdrawals:

Withdrawals:

Without penalty, anytime after age 59 1/2, become permanently disabled, or are unable to work.
Withdrawals are taxed at an individual's current income tax rate
Required Minimum Distributions (RMDs) start at age 72 (as of 2020)

2023 Contributions:

Up to $22,500 in salary deferral; $30,000 if age 50 or older; plus employer may contribute up to 25% of compensation to a maximum of $66,000 for 2023, not including catch-up contributions.

Administrative Responsibilities:

Annual Form 5500 filing after plan assets exceed $250,000
Plan re-statement document every 5 years

Plan Setup Deadline:

Establish by December 31 or fiscal year end.

For more information visit IRS One Participant 401(k) Plans

Key Advantages:

Easy to set up and maintain

Potentially higher contribution limits than a SEP IRA

More flexibility than other plans - may take personal loans, invest in collectibles, avoid UDFI, avoid UBIT on leveraged tax properties

Is this retirement account right for you?

Eligibility:

Available to self-employed individuals or business owners with no employees other than a spouse
Includes sole proprietors, partnerships, C corporations, S corporations with no full time employees
Plan document must accompany application

Funding Your Account:

The business owner is both employee and employer and can fund in both capacities; employee deferral and employer contribution

Withdrawals:

Withdrawals:

Without penalty, anytime after age 59 1/2, become permanently disabled, or are unable to work.
Withdrawals are taxed at an individual's current income tax rate
Required Minimum Distributions (RMDs) start at age 72 (as of 2020)

2023 Contributions:

Up to $22,500 in salary deferral; $30,000 if age 50 or older; plus employer may contribute up to 25% of compensation to a maximum of $66,000 for 2023, not including catch-up contributions.

Administrative Responsibilities:

Annual Form 5500 filing after plan assets exceed $250,000
Plan re-statement document every 5 years

Plan Setup Deadline:

Establish by December 31 or fiscal year end.

For more information visit IRS One Participant 401(k) Plans