Solo 401k Disqualified Person

A disqualified person with respect to Solo 401k is any of the following as defined by IRC Code 4975:

(1) a fiduciary of the plan ( e.g., Solo 401k plan);

(2) a person providing services to the Solo 401k plan;

(3) an employer, any of whose employees are covered by the Solo 401k plan;

(4) an employee organization, any of whose members are covered by the Solo 401k plan;

(5) any direct or indirect owner of 50% or more of any of the following:

the combined voting power of all classes of stock entitled to vote, or the total value of shares of all classes of stock of a corporation that is an employer or employee organization described in (3) or (4);

the capital interest or profits interest of a partnership that is an employer or employee organization described in (3) or (4); or

the beneficial interest of a trust or unincorporated enterprise that is an employer or an employee organization described in (3) or (4)

(6) a member of the family, of any individual described in (1), (2), (3), or (4) (i.e., the individual’s spouse, ancestor, lineal descendant, or any spouse of a lineal descendant);

(7) a corporation, partnership, trust, or estate of which (or in which) any direct or indirect owner described in (1) through (5) holds 50% or more of any of the following: the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of a corporation;

the capital interest or profits interest of a partnership; or

the beneficial interest of a trust or estate

(8) an officer, director (or an individual having powers or responsibilities similar to those of officers or directors), a 10% or more shareholder, or highly compensated employee (earning 10% or more of the yearly wages of an employer) of a person described in (3), (4), (5), or (7); or

(9) a 10% or more (in capital or profits) partner or joint venture of a person described in (3), (4), (5), or (7); or

(10) any disqualified person, as described in (1) through (9) above, who is a disqualified person with respect to any plan to which a multiemployer plan trust is permitted to make payments under section 4223 of ERISA.