Reporting Distributions from Solo 401k or Individual 401k

When a Solo 401k plan or Individual 401k trustee/participant or beneficiary takes a distribution, IRS reporting applies. This is done through Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.This form is sent to the IRS and the individual receiving the distribution.

Form 1099-R is used to report distributions that a Solo 401k or Individual 401k participant intends to roll over. A 1099-R is issued for rollover distributions because the Solo 401k participant has the option to spend some of these funds before depositing them to another retirement plan such as a Solo 401k or Individual K. Form 1099-R must be submitted to the IRS by February 28, or March 31 if filing electronically.

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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