With a Self-Directed Solo 401k from MySolo401k.net, you can open a Fidelity brokerage account with checkbook feature. Under this arrangement, you will use MySolo401k.net plan/trust document which not only name you as trustee but also allow for investing in alternative investments such as real estate, promissory notes, precious metals, private placements, etc., in addition to stocks and mutual funds.
If you have an existing plan such as an Individual 401k, Solo k, Solo 401k, PSP already at Fidelity that only allows you to invest in equities, we can assist you in opening a Self-Directed Solo 401k at Fidelity using MySolo401k.net plan document.
Here’s how the process of opening Self-Directed Solo 401k at Fidelity using MySolo401k.net trust/plan document works:
Existing Plan at Fidelity
If you already have existing Plan at Fidelity (e.g., Individual 401k, Solo 401k, KEOGH, Profit Sharing), we will provide you with our Solo 401k trust document, Fidelity Retirement Account Application, and Fidelity Check writing Form.
You will then submit above forms to Fidelity and your existing plan will be transferred internally to your new Self-Directed Solo 401k.
NOTE that a transfer form is not necessary since your existing plan will be transferred internally to new Self-Directed Solo 401k plan using MySolo401k.net trust documents.
Existing IRA at Fidelity
If you already have existing IRA at Fidelity (e.g., Traditional, SEP, or SIMPLE IRA), we will provide you with our Solo 401k trust document, Fidelity Retirement Account Application, Fidelity Check writing Form, and our Transfer form.
You will then submit above forms to Fidelity and your existing IRA will be transferred internally to your new Self-Directed Solo 401k
After your Self-Directed Solo 401k is established using MySolo401k.net plan/trust documents, all administration of the Self-Directed Solo 401k plan is handled by you as Trustee of the plan, with MySolo401k.net assistance (e.g., we offer free preparation for Form 5500 EZ and Form 1099-R as well as Solo 401k participant loan docs).
