We are an S-Corp w/ a Solo 401k. After reviewing what the W-2 should be for 2022, I realized that I have over-contributed to my Solo-k. Projected W-2 = $40k, 2022 Contributions = $43k. Our conclusion is that the max contribution should be $37k for 2022.
Can I allocate the excess contribution to 2023?
If not, is there another option for correcting/reallocating w/o penalties?
Thank you - Dennis (a happy DirectedIRA client)
Covered on our Year-end Open Forum Show on Dec 23. Please check it out for the answer to your question. Thank you! Mark and Mat.
Could you please send a link, I can’t find a Dec 23 show. Thanks
Please disregard - just saw the episode posted on YT - thanks
If you are not allowed to work on any real estate that you purchase with your self-directed IRA, can’t collect the rent, upkeep… who does that? You are totally passive in this transaction and use a management company or the trust that controls the self-directed IRA does all this? Sorry if I misunderstood. We are very involved in all our rental properties and having difficulty visualizing who would go turn off the irrigation system that is leaking, etc.?