ROBS 401k Funding Process
Solo 401k Contributions Including Mega
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Can I Transfer an IRA at Edward Jones to a Self-Directed Solo 401k?
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.
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.