WCI #335: Solo 401(k) Questions
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 5 October 2023
⏱️ 54 minutes
🧾️ Download transcript
Summary
Today we are answering your solo 401(k) questions. We tackle topics like what to do when you change from W2 to K1, when to create an S-Corp, how to convert old IRAs to solo 401(k)s and so much more. We also have one of our new recommended financial advisors on the podcast for a few minutes to help answer some of your questions about financial advisors.
Did you know that the White Coat Investor not only has a podcast and a blog but several books that will help you on your way to financial independence. These books cover topics such as asset protection and minimizing your taxes to keep more of your hard earned money. They discuss plans for insurance, housing, spending, student loan elimination, investing and estate planning. You can learn how to become a millionaire within 5-10 years of leaving residency and how to invest in a sensible low cost and effective manner with or without the assistance of a financial advisor. There is even a book geared directly toward medical and dental students so you can start optimizing your finances early in your professional journey. Find the book that is right for you at the WCI store at https://www.shop.whitecoatinvestor.com or on Amazon. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast where we help those who wear the White Coat get a fair |
| 0:04.8 | shake on Wall Street. We've been helping doctors and other high-income professionals stop doing |
| 0:09.6 | dumb things with their money since 2011. This is White Coat Investor Podcast number 335, |
| 0:18.8 | solo 401k questions. Thousands of doctors have trusted patterned to help them understand and |
| 0:23.2 | obtain disability insurance. And trust us because we know their time is valuable and the doctors |
| 0:27.2 | have more important things to do than worry about insurance. We gather quotes from the top five |
| 0:31.1 | providers to deliver options unique to your situation. Here's how we do it. Number one, |
| 0:34.7 | request your quotes. Number two, compare your options in a short meeting with one of our |
| 0:38.3 | expert sales advisors. Number three, buy risk free. So request your quotes today at www.patternlife.com |
| 0:45.1 | slash WCI podcast. All right, let's start the podcast with our favorite thing to do here. Corrections. |
| 0:55.2 | All right, I got an email about our last podcast, not our last one, probably you heard, |
| 0:59.6 | but the last one that was heard before we recorded this one on September 8th. But apparently, |
| 1:06.0 | I'm in a state. I know it's hard to believe, but it does happen from time to time. I mentioned |
| 1:12.0 | on a previous podcast that you can contribute to your IRAs, your traditional and Roth IRAs, |
| 1:19.5 | after April 15th. You know, if you file an extension to file your taxes in October, |
| 1:24.5 | you could do it as late as October. That is not actually true. While you can do that for a |
| 1:30.0 | set by a ray for solo 401k, you cannot do that for an IRA. The deadline for an IRA is the tax |
| 1:36.6 | filing deadline for that year, usually April 15th, sometimes if there's a weekend a few days later. |
| 1:42.1 | Sorry about getting that one wrong. I got a couple of messages about that. |
| 1:48.4 | I also apparently said the extension deadline was in September. In September for businesses, |
| 1:53.6 | it's October for individuals. October 15th, September 15th. If you have a partnership or whatever, |
| 1:58.8 | that return has to be filed by March 15th. You can extend it six months to September 15th. If |
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