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Deposit Former Employer 401k Check | Fidelity Solo 401k

by Mark Nolan on 01/04/13

QUESTION: How do deposit an issued direct rollover check from my former employer 401k? Do I go to Fidelity and deposit this check to my Solo 401k? Should it be a direct rollover?

ANSWER: Fidelity will not perform any reporting with respect to the deposit of the direct rollover check since they are not the trustee or administrators of the Solo 401k. Fidelity is simply the Solo 401k brokerage account provider. Instead, direct rollover deposit reporting is handled by you. You will report it as a direct rollover on your tax return when you file your tax return.

What is more, because Fidelity made the check payable in the name of the Solo 401k plan, that is how you can initially confirm that they processed it as a direct rollover, which will be reported on Form 1099-R using letter "G" in box 7 by Fidelity. Letter G is the code used by the releasing financial institutions to report the 401k direct rollover.

In sum, the reporting of a direct rollover to a Solo 401k is twofold:
1) By the releasing financial institution (in this case Fidelity) by issuing form 1099-R and inputting code G in box 7.
2) By the Solo 401k business owner, on his or her tax return.

Lastly, yes you can mail the check to Fidelity after you endorse it and include a signed letter of instruction containing your new Solo 401k account number and briefly stating to apply the check to your Solo 401k as a direct rollover, or you can take it to your local Fidelity Branch for deposit.

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