Same-Day Taxpayer Worksheet Alternative Method for Making Payment of the Solo 401k 20% Mandatory Federal Tax Federal Tax From the Distribution  

As an alternative to using the EFTPS system for purposes of paying the 20% withholding amount that applies to taxable distribution from a Solo 401k, some clients have chosen to wire funds via steps at the following IRS page as outlined in the “Same-Day Taxpayer Worksheet”: https://www.irs.gov/payments/same-day-wire-federal-tax-payments

To view the same day taxpayer worksheet visit here. And see below for how to complete it.

  1. Total Tax Payment: enter the 20% of the solo 401k distribution. For example, if you make a $10,000 solo 401k distribution, $2,000 (the 20%) needs to be submitted to the US Treasury from the solo 401k bank/brokerage account, so you only receive $8,000 of the $10,000 distribution.
  2. Taxpayer Identification Number: Enter the EIN for the solo 401k; DO NOT use your business or your SSN.
  3. Taxpayer Name Control: Enter the first four letters of the solo 401k plan name.
  4. Taxpayer Name: Enter your name.
  5. Tax Type: Enter 0945
  6. Tax Year: Enter the year the distribution was made. For example, if made by 12/31/2024, you would enter 2024 as the tax year.
  7. Tax Month/Quarter: See chart below

Below are the wire instructions to provide the to the solo 401k bank/brokerage form for wiring the 20% of federal taxes to the US Treasury which you can also view at the bottom of the taxpayer worksheet.

MENU