Solo 401k Scottrade Brokerage Account

Thanks to your help, I now have the checking account set up at Wells Fargo for mySelf-Directed Solo 401k and I have rolled over the money from one of my former employer’s 401k into it. To invest in Stocks and Bonds,can I simply open a brokerage account at Scottrade for my Self-Directed Solo 401k and fund it by writing a check from my Self-Directed Solo 401k checking account at Wells Fargo to fund those investments? 

I think you can use Scottrade for Solo 401k brokerage account. Many of our clients have used other discount brokers such as Fidelity, TD Ameritrade and Charles Schwab to open brokerage account for Solo 401k. Why don’t you obtain Scottrade’s brokerage account forms so that we can review to determine if they will allow for brokerage account in name of your Solo 401k. The important item to keep in-mind when speaking to Scottrade is that they understand that they are not providing Solo 401k (i.e., they are not your Solo 401k provider) but instead simply providing a brokerage account for your Solo 401k. Thus, Scottrade will not be performing any tax reporting (when applicable), administration or Solo 401k trustee functions. Instead, you as the trustee and administrator of your own Solo 401k are performing these functions.

Funding the Solo 401k Brokerage Account
Once the Scottrade brokerage account is open under the name and EIN of your Solo 401k, you will simply fund it by writing a check from your Solo 401k’s existing checking account at Wells Fargo made payable to Scottrade and mailing it to Scottrade’s back office. It’s important to understand that the deposit into the Scottrade brokerage account is not a transfer or rollover because you are simply moving funds within your Solo 401k–i.e.,from the Solo 401k checking account to the solo 401k brokerage account–therefore, no tax reporting is necessary. 

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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