Can I Transfer an IRA at Edward Jones to a Self-Directed Solo 401k?

Direct Rollover

Based on experience with a direct-rollovers from an IRA at Edward Jones to a new employer plan such as a self-directed solo 401k plan, a letter of acceptance that is prepared by the solo 401k plan provider is required and is submitted to Edward Jones by the client’s advisor to the Edward Jones back office and then Edward Jones mails a transfer check payable to the new plan to the client (contrast with IRA rollovers which are handled via the ACAT system).  Edward Jones then issues a 1099-r with a code G in box 7 by the following January to report as a non taxable direct rollover.

60 Day Rollover

The preference is to process the movement of the Edward Jones IRA to the solo 401k plan as direct rollover, as described above instead of rollover. The challenge with an indirect 60 day roll over is that the client can only do one per 12 month period (so the client would not even be eligible if he has already done one in past 12 months) but even if the client is eligible and deposits the funds within 60 days the client will need to do additional tax reporting on their personal taxes so it is not ideal.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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