FAQ
Q: I opened multiple accounts for my Solo 401k (e.g., Pre-tax, Roth, and/or Voluntary After-Tax) and I can’t tell which account is each account type. What should I do?
A: The most important aspect from a Solo 401k perspective is that the accounts are used consistently for their intended purposes. However, to help you keep track of each account type, you can nickname your accounts using the procedure below.
Step-by-Step Guide to Renaming Your Fidelity Solo 401k Accounts for Easy Identification
- Log into your Fidelity.com account
- Click on the gears icon
- Rename your accounts
- Under “Customize Accounts,” select one account
- Click “Rename”
- Enter the applicable nickname (Pre-tax, Roth, or After-tax)
- Click “Save”
- Repeat for other accounts
- Follow the same steps to nickname the other accounts
- Maintain consistent usage
- Ensure each account is used consistently for its intended purpose (Pre-tax, Roth, or Voluntary After-Tax contributions)
- Keep personal records
- Maintain your own documentation of which account is used for each type of contribution
Remember, while nicknames help with identification, consistent usage of each account for its designated purpose is crucial for proper Solo 401k management. Your personal record-keeping remains an important part of account management.
