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Personal Finance Guides For Business Owners - Ocho

Ocho Learning Center

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IRA
January 13, 2023
IRA Required Minimum Distributions (RMD)

Updated on January 13, 2023: Most individual retirement accounts (IRA) require that you start taking distributions from your account once you reach the age of 73. If you don’t, you’re hit with steep penalties each year you fail to take your RMD. The Roth IRA is the only exception. You don’t have to take any distributions […]

Solo 401k
January 13, 2023
What Is A Solo 401k?

The highest contribution limits, ability to invest in any asset class with tax-free compounding, and a supersized Roth account.

solo 401k rmd
Solo 401k
January 13, 2023
Solo 401k Required Minimum Distributions (RMD Table For 2023)

Updated on January 13, 2023: OVERVIEW Most people will start to withdraw from their account when they reach the eligible withdrawal age of 59½. But some people may not immediately need to take out any money and instead prefer to leave the money in their solo 401k for as long as they can. Unfortunately, the […]

Retirement
January 13, 2023
Everything You Need To Know About Missed RMD’s

Updated on January 13, 2023: Most retirement plans have a required minimum distribution (also known as an RMD), which states that once you turn 73 years old, you’re required to start taking distributions from your retirement account. The minimum required amount that you need to withdraw is calculated by taking your account balance as of December […]

solo 401k withdrawal rules
Solo 401k
January 13, 2023
Solo 401k Withdrawal Rules & Penalties Explained (2023 Update)

Updated on January 13, 2023: OVERVIEW The solo 401k has strict rules around withdrawals and the penalties could be steep if you break them.  The good news is that the withdrawal guidelines are fairly straightforward and easy to stay in compliance with. And in emergency situations, there are certain exceptions where you could withdraw early with no […]

Solo 401k
January 13, 2023
Solo 401k Contribution Limits & Deadlines (2022 & 2023)

2022 Limits & Deadlines 2023 Limits & Deadlines With a solo 401k, you contribute to your plan as both the employer and the employee. Contribution limits and deadlines are different for both sides, and can vary even further depending on your business entity. If you’re considering opening an account and making contributions, here’s a full breakdown of how […]

Retirement
January 13, 2023
Retirement Plan Distributions: Qualified vs Non-Qualified vs RMD

Updated on January 13, 2023: Withdrawals from a retirement plan can either be classified as qualified or non-qualified. A qualified distribution is when you make a withdrawal after meeting all of the IRS criteria for a distribution. A non-qualified distribution is when you make a withdrawal without meeting the IRS criteria. There’s also a required […]

401k +1 Retirement
January 06, 2023
Can I Buy A House With My 401k?

If you’re looking to purchase a home, and have funds invested in a 401k plan that you’d like to use as a downpayment, here are all the different options you can take, and important factors to consider before making a final decision. Can I use my 401k to purchase a home? Some retirement plans, like […]

Retirement +1 401k
January 06, 2023
What is the Rule of 55 and How Does It Work For My 401k? 

Normally, when you take an early distribution from your 401k plan, before the eligible withdrawal age of 59½, you’re required to pay a 10% penalty plus income taxes on your withdrawal. For example, if you’re under the age of 59½ and take a distribution of $20,000, you’ll be required to pay $2,000 as an early […]