QUESTION:
My husband is 66 years old and is a participant in a Solo 401K. If he withdraws from his pre tax Solo 401k do we issue a 1099R ourselves or is that something your firm assists us with? Does a Roth 401k withdrawl need a 1099R if 5 year rule and age limit requirements are met?
ANSWER:
Yes, as the solo 401k plan provider we would issue the Form 1099-R to report all distributions from a solo 401k plan.
Yes, the IRS rules require the issuance of a Form 1099-R to report distributions from the pretax solo 401k account, and from the Roth solo 401k account regardless if it is qualified Roth solo 401k or a non-qualified Roth solo 401k distribution.
If you proceed with the distribution, please see the following procedures.
For Pretax Solo 401k Distributions: https://www.mysolo401k.net/solo-401k-partial-taxable-distribution/
For Roth Solo 401k Distributions: https://www.mysolo401k.net/partial-roth-solo-401k-distribution/
