In addition to having option of establishing checking account for Self-Directed Solo 401k at your local bank, a brokerage account at Charles Schwab (Schwab Solo 401k) with checkbook control can also be established using MySolo401k.net plan document. MySolo401k.net plan document allows for investing in alternative investments such as real estate, notes, gold and more as well as stocks and mutual funds. You can also take a loan (borrow from solo 401k) since MySolo401k.net plan document permits participant loans.
Consider updating your existing plan such as an Individual 401k, Solo k, Solo 401k, PSP at Charles Schwab if it only allows you to invest in equities to a self-directed solo 401k from MySolo401k.net. This way you can invest in what you want and have option to take a participant loan.
Here’s how the process of opening Self-Directed Solo 401k at Charles Schwab using MySolo401k.net trust/plan document works:
Current Plan at Charles Schwab
If you already have a Plan at Charles Schwab (e.g., Individual 401k, Solo 401k, KEOGH, Profit Sharing), MySolo401k.net will provide you with our Solo 401k trust document, Schwab Master Account Application, Participant Application Form , and Schwab Check writing Form.
Subsequently you will submit above forms to Charles Schwab 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.
Current IRA at Charles Schwab
If you already have existing IRA at Charles Schwab (e.g., Traditional, SEP, or SIMPLE IRA), MySolo401k.net will provide you with our Solo 401k trust document, Schwab Master Account Application, Participant Application Form, Schwab Check Writing Form, and our Transfer form.
You will then submit above forms to Charles Schwab 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). We will also assign you your own personal Solo 401k Expert for all your technical questions and communications.
To learn more about converting your existing Schwab Solo 401k or IRA to a self-directed Solo 401k from MySolo401k.net, please call us at 800.489.7571 or e-mail us at firstname.lastname@example.org