Individual 401k Plans
What makes an Individual 401k plan the right choice?
what it is, who its for generally, why they choose it and what it does.
Call us at 239-472-0074 with your questions
Who qualifies for an individual 401k plan?
An individual 401k, or Indy 401k, is exclusively for self-employed individuals with no employees other than business partners or spouses.
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Your tax records must show that your business produces income
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you must own the business solely or with your spouse to qualify for an individual 401k plan.
How do I set up an Individual 401k plan?
Opening an individual 401k at Midland offers the ability to invest in alternative assets such as real estate, hedge funds, cryptocurrency, and more. These plans provide high saving potential and low complexity with set up
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You need a plan document
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You need an EIN number.
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You'll need an account with a self-directed custodian like Midland Trust (or other custodian of your choosing) to invest in alternative assets such as real estate, hedge funds, cryptocurrency, and more. These plans provide high saving potential and low complexity with set-up made easy when you choose an integrated Midland solution for your Individual 401k plan.
Do I need an EIN?
An EIN is an Employer Identification Number and is a requirement set by the IRS for all
If you do not have an EIN and are setting up an Individual 401k, you will need one. We can help you get that as part of our full Indy K bundle or as a stand-alone item.
Do I need to fill out a 5500EZ?
IRS Form 5500-EZ is the designated reporting form required by the IRS for plans with only one participant.
One participant retirement plans include Individual 401k plans but can also include those with business owners, business partners, or spouses. It must be filed when the total plan’s asset value is over $250,000 as of December 31 of the previous tax year.