Has anyone used Vanguard or Fidelity for their solo 401k or other small business retirement plans? Do they help with setup?

I went through this same decision process last year for my S Corp. After researching extensively and consulting with a retirement plan specialist, I ended up going with a Solo 401(k) instead of a Keogh Plan. Here's what I learned: Keogh Plans are largely obsolete for S Corps. The term "Keogh" technically refers to qualified plans for self-employed individuals, but since S Corp owners are employees of their corporation (even if they're the sole owner), you don't qualify for traditional Keogh arrangements anyway. For S Corps, your main options are: 1. Solo 401(k) - Simple setup, high contribution limits, minimal admin costs 2. Traditional 401(k) with profit sharing - If you have employees 3. SEP IRA - Easy but lower contribution limits 4. Defined benefit plan - Complex but highest contribution potential The Solo 401(k) ended up being perfect for my situation. I set mine up through Schwab in about 2 weeks, and I can contribute up to $69,000 annually (2024 limits) between employee deferrals and employer contributions. No Form 5500 filing required until assets hit $250k. Skip the Keogh research rabbit hole - focus on Solo 401(k) vs. other modern options that actually apply to S Corps.

Just wondering - would it make sense for the in-laws to sell their portion of the house to OP and his wife instead of gifting it? Would that avoid the whole gift tax issue entirely?

Based on what you've described, I'd strongly recommend getting professional help with this situation since there are multiple tax implications at play. When your in-laws initially added your wife to the deed 7 years ago, that was technically a gift of partial ownership interest in the property, and they should have filed Form 709 if the value exceeded the annual exclusion limit at that time. For the current quit claim situation, yes - transferring their remaining ownership interest to your wife would be another taxable gift based on their portion of the current fair market value. However, as others mentioned, this likely won't result in actual tax owed due to the lifetime gift tax exemption. One thing I haven't seen mentioned yet is the potential impact on your homestead exemption or other property tax benefits. In some states, changing ownership structure can affect your property tax assessment or eligibility for certain exemptions. You'll want to check with your local tax assessor's office before proceeding. Also consider the timing - if your in-laws are elderly, it might be worth discussing whether keeping the property in their names until inheritance could provide better tax treatment through stepped-up basis. A tax professional can help you model the different scenarios to see which approach saves the most money long-term.

Quick tip from someone who messed this up before - the IRS does receive information about your scholarships from your school! If you don't report taxable scholarship money, you might get a letter from the IRS later asking about it. Happened to me my sophomore year. I thought since I didn't get a W-2 for my scholarship, I didn't need to report it. Wrong! The school reports the 1098-T information to both you and the IRS. Two years later, I got a notice saying I owed taxes plus interest.

This is such important information that more students need to know! I wish colleges did a better job explaining scholarship tax implications during orientation. For anyone still confused about the calculations, here's a simplified way to think about it: Take your total scholarships/grants from Box 5 of your 1098-T, then subtract your qualified education expenses (tuition, mandatory fees, required books/supplies). Whatever's left over is generally taxable income that you need to report. One thing to watch out for - if you received scholarships in one tax year but they were applied to expenses in a different tax year, the timing can get tricky. The IRS generally wants you to report the income in the year you received it, not necessarily when it was applied to expenses. Also, keep really good records! Save all your financial aid documents, receipts for required textbooks and supplies, and your 1098-T forms. If you ever get questioned by the IRS later, having documentation makes everything much easier to resolve.

I've been tracking my refunds with Serve for the past three years, and I've noticed there's actually a pattern to when they release IRS deposits. In my experience, if your DDD falls on a Friday (like 3/22), Serve typically processes these over the weekend and they appear Monday morning. I've seen this happen consistently. Have you checked your account today? Many people in my tax groups are reporting their 3/22 DDDs hitting their Serve accounts this morning.

Hey Justin! I totally understand your anxiety - waiting for that first refund is nerve-wracking, especially when you need it for medical bills. I've been using Serve for my tax refunds for about 4 years now, and here's what I've learned: Serve is notoriously slow with IRS deposits compared to regular banks. Even though your DDD is 3/22, don't panic if it doesn't show up until Tuesday or Wednesday. I've had refunds take anywhere from same-day (rare) to 4 business days after the DDD. The good news is that once the IRS sends it, it WILL arrive - Serve has never lost a deposit in my experience. Try to resist checking every hour (I know, easier said than done!) and maybe set up text alerts instead. Your money is coming!

My 810 cleared after exactly 4 weeks. hang in there

Sometimes they do this if you claimed certain credits. Did you claim EIC or child tax credit?