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New Attending- What to do with my previous IRAs so I can do Backdoor Roth?

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  • #16
    Originally posted by Tim View Post

    Absolutely not a challenge by any means. I was under an likely uneducated impression.
    If you close a business, of course you want to shut it down. Primarily, liquidation and avoid future liability or expenses. Duhhh.
    However, a solo 401k has value to the solo owner. A very useful retirement vehicle, as is. Primarily for future rollovers or the chance one generates sole proprietor income or 1099. Eventually, you would keep it or close it. Better asset protection vs IRA’s have less compliance issues.
    Short version, I thought closing a solo 401k was optional for the owner. Not an immediate requirement.
    As usual Johanna. thank you. Carryon.
    No credit due to me - this is something I actually learned from SR😉.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


    • #17
      If by chance, can you lender your expertise regarding immediate closing of a solo 401k requirement.
      Thank you.