We are a wealth planning firm in Houston and in researching after-tax solo 401k plans we ran across your website. Schwab, Fidelity, TD etc. plan docs don’t allow for after-tax contributions to solo 401k plans. Do you all ever collaborate with RIAs? Can you all handle the plan doc and administration while the account sits at a custodian like Schwab etc.? Many thanks in advance!
In short, we can easily do what you want to do.
We certainly work with advisors and the accounts can be at any of the firms that you mention.
We will take care of not only being the solo 401k plan provider who offers a solo 401k plan that can hold voluntary after-tax contributions but also roth and pretax solo 401k contributions. We also handle the reporting for the in-plan conversion or direct rollover to the Roth IRA.
Following is a list of the ongoing solo 401k compliance support that we provide.
- Year 2020 Required IRS Plan Update.
- Responding to IRS Compliance Checks-the IRS routinely reviews solo 401(k) plans for compliance with reporting and the solo 401(k) plan rules.
- Consulting regarding investment rules (e.g., investing in real estate, precious metals, private companies, tax liens, promissory notes, etc.)
- Participant Solo 401(k) Loan origination
- IRS Form 5500-EZ preparation When your account balance reaches $250,000. Note: It is the responsibility of the client to let us know once the account reaches $250K so that we can assist with this tax filing because we don’t have access to your funds.
- For all annual distributions, preparation of Form 1099-R. Note: It is the responsibility of the client to let us know when they process distributions so that we can assist with this tax filing because we don’t have access to your funds.
- 1099-R reporting for In-Plan Conversions to Roth Solo 401k and Conversion of after-tax funds to Roth IRA. Note: It is the responsibility of the client to let us know when they process conversions so that we can assist with this tax filing because we don’t have access to your funds.
- QDRO review and distribution reporting processing
- Assistance and forms for transferring IRAs or other 401ks to your new Solo 401k
- Annual Compliance Support
- Assignment of Personal Solo 401k Expert for all future questions and communications.
- Full customer service support including on Saturday
- Maintaining qualified plan documents
- Amendments as required to keep up with tax law changes
- Assistance in setting-up checking account for your Solo 401k
- Assistance in transferring IRAs or other 401ks into your new solo 401k
- Computation of plan contribution amounts
- preparation of plan tax forms
- interpretation of plan provisions