Tips Flashcards
1
Q
Can you select catch up contribution if you aren’t deferring a salary?
A
No
2
Q
Solo 401k uses?
A
Golf cart guy (do it yourselfer) him and his wife could use a solo401k, creditor perfection, loan.
3
Q
What age can you withdraw from qualified plans?
A
55 or separation. “Don’t rollover a qualified plan into an IRA before 59.5 because they may need access to funds before 59.5 unless they pay 10% penalty
4
Q
Plants that can be integrated with Social Security
A
Defined benefit, cash balance, money, purchase, target, benefit, profit-sharing stock, bonus in SEP
5
Q
Plans that cannot integrate with Social Security
A
ESOP, SIMPLE and 401(k) SIMPLE
