QUESTIONS:
Can I lend solo 401k funds to a family member or friend? What are could be the terms. Can I lend to my child for college education? And she can pay back with interest when she takes up job. So there won't be any payment for few years. Can I decide what interest I can charge?
ANSWER:
WITH WHOM CAN YOU MAKE SOLO 401K INVESTMENTS
Who’s Out
http://www.mysolo401k.net/prohibited-transactions-solo-401k/
http://www.mysolo401k.net/buying-promissory-notes-trust-solo-401k/
Can I lend solo 401k funds to a family member or friend? What are could be the terms. Can I lend to my child for college education? And she can pay back with interest when she takes up job. So there won't be any payment for few years. Can I decide what interest I can charge?
ANSWER:
WITH WHOM CAN YOU MAKE SOLO 401K INVESTMENTS
Who’s Out
- You
- Your Spouse
- Your natural parents and/or your adoptive parents
- Your natural grandparents
- Your natural children and/or your adopted children
- The spouses of your natural children
- Any fiduciary of your Solo 401k
- Any people providing services to your Solo 401k–such as your stockbroker–as well as his employees and both his and his employees’ blood relatives
- Your Solo 401k trust document provider or administrator
- Your brothers and sisters
- Your Spouse’s brothers and sisters
- Your spouse’s parents
- Your spouse’s grandparents
- Your stepchildren
- Your spouse’s stepchildren
- Your grandparent’s spouse, if not your natural grandparent
- Your aunts, uncles, and cousins
http://www.mysolo401k.net/prohibited-transactions-solo-401k/
http://www.mysolo401k.net/buying-promissory-notes-trust-solo-401k/
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