IRA Financial Group Introduces the Individual 401(k) Home Purchase Plan for Florida Residents

Miami, FL (PRWEB) February 26, 2013

The IRA Financial Group Individual 401(k) Home Purchase Plan for Florida Residents allows investors to borrow up to $ 50,000 from their retirement funds to purchase a primary residence. A Solo 401(k) loan is permitted at any time using the accumulated balance of the Solo 401(k) as collateral for the loan. A Solo 401(k) participant can borrow up to $ 50,000 or 50% of their account value whichever is less. A standard Solo 401(k) loan has to be repaid over an amortization schedule of 5 years or less with payment frequency no less than quarterly. However, with the IRA Financial Group Individual 401(k) Home Purchase Plan, a loan for a primary residence can be repaid over a 15-year period. The interest rate must be set at a reasonable rate of interest, generally interpreted as prime rate plus 1%, which means participant loans may be set at very reasonable interest rate. The interest rate is fixed based on the prime rate at the time of the loan application.

The Individual 401(k) Home Purchase Plan allows Florida Residents to take a personal loan from their Solo 401(k) Plan and use it to purchase a primary residence. Many retirement investors in Florida are looking to purchase a home with their retirement funds, stated Adam Bergman, a tax attorney with the IRA Financial Group. The IRA Financial Group Individual 401(k) Home Purchase Plan for Florida Residents presents a number of exciting tax planning and investment opportunities that allow investors in Florida to purchase real estate, Mr. Bergman added.

Internal Revenue Code Section 72(p) and the 2001 EGGTRA rules allow a Solo 401(k) Plan participant to borrow money from the plan tax-free and without penalty. As long as the plan documents allow for it and the proper loan documents are prepared and executed, a participant loan can be made for any reason. The Solo 401(k) loan is received tax-free and penalty-free. There are no penalties or taxes due provided loan payments are paid on time. The IRA Financial Group Solo 401(k) Plan documents will allow investors to use a loan from their Solo 401(k) for any investment purposes, including real estate, funding an existing business or a new business, tax liens, private placements, etc.

In addition to the tremendous 401(k) benefits (tax-free profits, high tax contribution deductions – up to $ 56,500, asset protection and estate planning), the Solo 401(k) allows entrepreneurs to invest tax-free in investments that they know and understand and even allows them to borrow up to $ 50,000 or 50% of the account value for any purpose. Aside from certain “prohibited transaction” investments outlined in Internal Revenue Code Section 4975, a Solo 401(k) Plan can invest in most commonly made investments, including real estate, private business entities, public stocks, private stocks, and commercial paper.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading Solo 401(k) Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate, without custodian consent.

To learn more about the IRA Financial Group please visit our website at or call 800-472-0646.

Find More Interest Rates Press Releases

Tags: , , , , , , , , ,

Comments are closed.

CIGI Experts Outline Prescriptions for Cannes Summit and Beyond in Special Report on G20 Issues

Waterloo, Ont. (PRWEB) October 20, 2011 With a possible euro zone collapse and Greek insolvency likely to dominate the upcoming [...]

Pathways Home Health and Hospice Satu Johal Receives CFO of Year of the Year Award; Silicon Valley Business Journal Honoree

Sunnyvale, California (PRWEB) December 02, 2011 Satu Johal, CFO at Pathways Home Health & Hospice, received the Silicon Valley Business [...]

Latest Financial Regulation News

Working Together Towards Better Financial Regulation and Stability in Asia Image by Asian Development Bank Tellers attend to clients in [...]

European financial regulation – 4 questions to Olivier Garnier (Societe Generale)

Olivier Garnier, Chief economist at Societe Generale Group, expresses his view on European financial regulation and its reform. Video interview [...]

AMS Health Care Mortgage Corporation Provides Debt Service Savings to Hospitals Utilizing FHA 242 Mortgage Insurance Program

Jacksonville, FL (PRWEB) August 30, 2013 An oft-overlook and relatively unknown federal program for hospitals seeking capital for needed and [...]

Vermont’s Captive Insurance Industry Off to Best Start Since 2005

Montpelier, VT (PRWEB) April 16, 2012 First quarter licensure of new captive insurance companies is off to a strong start [...]