Self-Directed Solo 401k Reporting | Fidelity Solo 401k Plan Reporting

QUESTION: If I convert my existing Fidelity Solo 401k to a self-directed solo 401k for investing in real estate with checkbook control using Fidelity’s non-prototype retirement account application, will the same tax and annual informational reporting apply to the new self-directed solo 401k for investing in real estate with checkbook control?

ANSWER: The same reporting that applies under the Solo 401k that Fidelity offers, which restricts you to only investing in mutual funds and stocks, will apply to the Self-Directed Solo 401k Fidelity brokerage account with checkbook control that you would open with us. The only difference is that fidelity is not the Solo 401k provider, administrator, trustee, record keeper, nor will Fidelity perform any tax reporting services. Instead, Fidelity is simply providing a brokerage account with checkbook feature for your Self-Directed Solo 401k plan.

As such, the same annual reporting will apply to your new Solo 401k plan through us. Specifically, an annual Form 5500 EZ will need to be filed by the end of each July if your account value is over $250,000 as of 12/31 of the prior year. We will assist you in preparing and filing the annual Form 5500 EZ. The only other reporting will come to into play once you start making distributions from your Solo 401k which, of course, won’t occur until you retire or if you decide to terminate the Solo 401k. Solo 401k distribution reporting (issuance and filing of Form 1099-R) is also included in our annual Solo 401k fee.

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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