It does control benefit and you cannot have credit benefit. If you wanted to do something that is for you, then we’d suggest to borrow money out of your plan to use it for that investment. Within the Solo 401k there has to be an investment. The IRS does not want you using your Solo 401k money for “yourself”
Articles in this section
- How do I calculate the amount I can contribute to my Solo 401k and profit sharing plan?
- What are the ongoing responsibilities and costs involved in a Solo 401k?
- Can I use the Solo 401k for something that I want to benefit on, or does it have to be a purely on investment?
- If you’re running everything through an Solo 401k and this is your only source of income, you have not yet reached old age, how does that work?
- If I have an existing 401k or IRA from an old employer, can I roll that into the new plan?