Solo 401k

How does a participant show that he or she is experiencing a hardship?

January 12, 2023 | By Mark Nolan

Most solo 401k plans use the deemed necessary” rules described in Q&A-2 of the IRS page listed HERE.  Generally, the solo 401k owner will need to produce the hardship backup paperwork to the IRS at time of audit, not at time of distribution or on their Form 1040.

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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