The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.
So he still owed the taxes and penalty on the ira withdrawal. His overall tax bill was reduced simply by thr accelerated deprec. He still paid the penalties.
Interesting how a c corp can exclude what would be a self dealing prohibited transaction and then allow you to materially participate for Str loophole. Although it sounds risky trying to convince an irs auditor this is legit. I would guess you would probably end up in tax court and have to hire Clint to prove your case. An uphill battle which maybe worth it if the numbers are that profitable but is it worth the time and headache lol
Just what I need. Thank you, Clint!
Great to hear!
Can you help me set this up, Clint? I am a Titanium Plan client, but I still need help implementing this into my Anderson Blueprint as a ROBS.
Thank you, Clint! Someone from Anderson called me to follow up.
The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.
So he still owed the taxes and penalty on the ira withdrawal. His overall tax bill was reduced simply by thr accelerated deprec. He still paid the penalties.
What about RMD Withdrawal with this strategy & how would you do that?
Clint, Question, Getting money out of a the solo 401k is still taxable...RMDs will be paid, Correct? thank you
Yes unless it comes from the ROTH portion
Do you deal in/with Common Law Trusts and related? Please do a related video. That's where are are going.
Would this wor with property outside USA?
No.
Sounds like one will still pay tax on the 401 funds in the end.
My wife and I want to use her saved up Roth 401k to start a trucking business. Any advice?
I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/odc
Interesting how a c corp can exclude what would be a self dealing prohibited transaction and then allow you to materially participate for Str loophole. Although it sounds risky trying to convince an irs auditor this is legit. I would guess you would probably end up in tax court and have to hire Clint to prove your case. An uphill battle which maybe worth it if the numbers are that profitable but is it worth the time and headache lol
Agreed, sounds too risky and very sketchy. Way more profit outside RE assets.
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