Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.
Can I convert my existing Solo 401k with a Solo 401k loan to a self-directed Solo 401k?
QUESTION:
I have existing loan on my 401k. Will I have to settle that loan before moving / restating the 401k to mysolo401k?
RESPONSE:
If the existing participant loan is held in another solo 401k, yes it can also be moved to the new solo 401k that we offer when the existing solo 401k is restated/moved to us. You would continue making the loan payments pursuant to the initial participant loan payment schedule.
