Solo 401k Loan FAQ & Answers

Checkbook Self-Directed Solo 401k Plans, also known as a Checkbook QRP, provide a great feature that can be leveraged in so many ways: A Checkbook Solo 401k Loan. The loan proceeds can be used to finance anything you’d like and the interest payments are made to yourself. In fact, Checkbook 401k Loan Interest Payments can be viewed as a way to make backdoor contributions – beyond the Solo 401k contribution limits – to your Checkbook Solo 401k tax advantaged retirement accounts. Once those interest payments are paid to your Solo 401(k) plan or QRP, those funds become additional plan assets that can be invested tax-free. Do you have debt to pay off? Do you want to purchase a new vehicle? Pay for education? Or, would you like to make an investment outside your Solo 401k using Solo 401k funds? The Checkbook Control 401k loan feature is your best option. In this post will cover all that you need to know to legally take advantage of this Checkbook QRP feature. Continue reading “Solo 401k Loan FAQ & Answers”