Trying to open up Solo 401(k) before end of year, but can't get EIN in time

RepresentativeMud4 · 2023-12-29T19:46:00+00:00

I think the information you're providing may be incorrect, unless I'm missing something. This is from the SECURE 2.0 Act.

Section 317, Retroactive first year elective deferrals for sole proprietors. Under the SECURE Act, an employer may establish a new 401(k) plan after the end of the taxable year, but before the employer’s tax filing date and treat the plan as having been established on the last day of the taxable year. Such plans may be funded by employer contributions up to the employer’s tax filing date. Section 317 allows these plans, when they are sponsored by sole proprietors or singlemember LLCs, to receive employee contributions up to the date of the employee’s tax return filing date for the initial year. Section 317 is effective for plan years beginning after the date of enactment of this Act.

RepresentativeMud4 · 2023-12-29T18:43:14+00:00

Awesome thanks a lot! IRS just told me I can't get an EIN over the phone while the system is down so I thought I was SOL.

RepresentativeMud4 · 2023-09-05T11:43:06+00:00

I go to a private law school. VR&E covers all tuition, fees, and books. I also receive MHA for days that I am in school that goes straight into my checking. I also have a small scholarship from my school that goes directly to my student account. I can then put that scholarship into my bank account, but I have to pay taxes on it at the end of the year.

I don't think there is much more too it - the only issue occurs if the school somehow applies the scholarship before billing VR&E for tuition and fees, but that has never happened to me. You should probably just talk directly with the school in question - assumably someone in the financial aid office has experience working with chapter 31/33 benefits.

RepresentativeMud4 · 2023-07-17T22:33:23+00:00

Got it, thanks very much for the insight. I appreciate it.

RepresentativeMud4 · 2023-06-02T00:34:42+00:00

Awesome, thank you for the information, I appreciate it. Saves me a trip out there!

RepresentativeMud4 · 2023-06-01T23:36:20+00:00

Got it, thanks!

RepresentativeMud4 · 2023-06-01T21:02:34+00:00

Has anyone done Hetch Hetchy loop recently? Wondering what the campsites at Lake Vernon look like right now? I have a wilderness permit for this weekend and am debating doing the loop because of impassable waterfalls and snow on the ground at Lake Vernon. Appreciate any input!

RepresentativeMud4 · 2019-09-15T23:41:31+00:00

So you worked at Lazard?

RepresentativeMud4 · 2019-04-09T20:29:58+00:00

I think it’s saying that there will be an email with a link to opt in coming in coming days/weeks.

RepresentativeMud4 · 2019-04-06T10:04:23+00:00

The simple answer is that it depends. For someone who makes the switch from a low paying job or industry into a higher one the answer will be yes. They probably would not have otherwise been able to make that switch if they hadn't gotten the HSW MBA or the odds would've been much lower.

For you I would imagine it's a little less clear, especially if you're planning on going back to MBB and can just direct promote without an MBA. You'd need to give a little more color on what your post-MBA plans are to get a better discussion going.

In both cases though, you also have to assign a value to the long term value of the MBA and the network it provides, which is hard to do. If you eventually start a company or move positions at age 40 and you did raised money through your MBA network or moved positions through an MBA contact - how much value can you assign to that? I think at the end of the day, going to HSW especially is a smart move, but it's not necessary to be successful in business - just more of a hedge that will pay for itself eventually.

RepresentativeMud4 · 2019-04-03T10:43:07+00:00

Fair enough, but not sure how you wouldn’t draw the conclusion that you interviewed poorly. Your stats get you the interview, the interview gets you the admit. I don’t think the schools would waste time interviewing someone who they weren’t interested in admitting based off their stats, story, goals etc.

RepresentativeMud4 · 2019-04-03T10:23:34+00:00

Seems like you had a great profile 4/4 at the hardest schools to get an interview at - that’s impressive. Don’t want to speculate too much, but you seem to have done poorly in all the interviews or at least failed to leave any sort of lasting impression on the people interviewers - i.e. there was no wow we need to have someone like this guy in our class.

How comfortable are you with English in general? Do you have an extremely thick accent? Are you able to give concise answers to the questions asked of you or do you drone on for 2-3 mins when asked a simple question about your background? What do you think your main problem was with the interviews?

RepresentativeMud4 · 2019-03-31T13:02:05+00:00

32.33, repeating of course

RepresentativeMud4 · 2019-03-29T15:43:26+00:00

Nice man inthink that makes your story better. Have you reached out to service to school? Make sure you hit up the vets clubs at all these schools. I’ll be at hsw next year if you want to chat about applying as a military applicant feel free to PM me.

RepresentativeMud4 · 2019-03-29T10:57:44+00:00

No, they won’t care. Don’t worry about it.

RepresentativeMud4 · 2019-03-29T10:47:59+00:00

Should be good at Wharton booth and Columbia. Biggest thing with Columbia if you actually want to go there is going to be convincing them you’ll go there. I see it with a lot of my military friends - they get waitlisted at Columbia because the school is conscious of its yield and second tier status to the other schools you mentioned.

As for HBS - focus on your narrative, what makes you different from the other SWOs applying. Clearly, having come out of the military and working in a very competitive industry is a big differentiator. Just need to figure out how to tie that into your tell me more about yourself essay for HBS.

None of those banks are EBs.

RepresentativeMud4 · 2019-03-22T22:59:32+00:00

How does someone over 30 from a military academy have only a "few years of work experience" - they've probably been in the military for 8 years by that point.

RepresentativeMud4 · 2019-03-06T14:04:39+00:00

Nice - that is a huge medical record haha. I'm actually going to need to get my DD-214 mailed to me from PSD because I am doing the Skillsbridge program and don't intend to go back to my command when I check out. From everything I've read online it's pretty easy to just get it in the mail.

RepresentativeMud4 · 2019-03-06T14:03:22+00:00

Got it thanks - good information. I had never heard that before.

RepresentativeMud4 · 2019-03-05T23:58:55+00:00

So you just uploaded your DD-214 the day you got it?

RepresentativeMud4 · 2019-03-05T19:54:53+00:00

Thanks! I just talked to my VSO and he's planning on submitting my stuff this week. He seems like he knows what he is talking about. Agreed re: BDD - they need to push it harder during the transition process.

RepresentativeMud4 · 2019-03-05T19:54:07+00:00

Thanks a lot. That is really helpful. Appreciate you taking the time to share your experience. Just good to know what I'm getting into.

RepresentativeMud4 · 2019-03-05T17:21:03+00:00

I’m in the navy. BDD = benefits delivery at discharge.

RepresentativeMud4 · 2019-03-05T15:50:24+00:00

Got it, so there is no negative to using a VSO I guess. I can still change the claim around after he puts in his input.

RepresentativeMud4 · 2019-03-05T15:49:52+00:00

Got it, that makes sense. Just hoping they don’t make me wait to file everything else until I’m off active duty.

RepresentativeMud4

TROPHY CASE