BACKGROUND & QUESTIONS & ANSWERS
I am interested in opening an account for a self-directed solo 401k which does not involve a custodian bank. I am unfamiliar with the rules and regulations as to how to do so.
In broad outline, the following are some details that may be relevant.
1. I am a solo practitioner attorney operating. I operate through a PLLC that is classified as an S corporation for tax purposes.
2. I have no partners or employees.
3. My work is contingency based so my income is highly variable from year to year. (Although probably not relevant, my wife is a salaried employee here in my state also.)
4. I have an existing IRA held through CHASE that I want to transfer to the new arrangement.
Here are my questions:
1. What is the optimum arrangement to accomplish my objective.
2. What would be the approximate cost.
ANSWER: For pricing, click on the following: https://www.
3. How long does the process take.
ANSWER: For pricing, click on the following: https://www.
Please let me know any other relevant questions you may have.
ANSWER: The account can be opened in 24 to 48 hours. The funding depends on how quickly the IRA custodian or former employer plan administrator will transfer the retirement funds to the new solo 401k.
ANSWER: Please see the following for more information.
https://www.mysolo401k.net/self-directed-401k-checkbook-control-dos-donts/
