Consolidating 401k plans
401k loans are received tax-free and provided loan payments are received on time, then there are no taxes due.Self employed business owners may be well suited for an Individual 401k if their objective is to maximize their retirement contributions or if they would like to borrow from their retirement plan using their 401k balance via an Individual 401k loan.
We provide more information about them on our website
This tax law became effective beginning January 1, 2002 and provides significant advantages to small businesses whose only employee is the owner or the owner and their spouse.
These self employed business owners can establish an Individual 401k plan and take advantage of this powerful retirement savings tool.
The investments that can be selected within an Individual 401k plan depend on the Individual 401k provider and can be divided into 3 general categories: Learn more about Individual 401k Providers.
If you search online you will find that several types of Individual 401k plans that are available.