Solo 401k Set Up Questions from Barbara S., Dallas Texas:
I have another question. Probably the most important. I really don’t want the complication of setting up this Solo 401K unless I make a real estate investment. That decision will be based on reaching a deal on a specific rental property that I want. I plan to make a verbal offer for the property. If that is accepted, I would then need a formal contract of sale within a couple of days, using the name of my new Solo 401K. I would need to follow this up within 3 days with a deposit from my solo401K checking account. So I need to know how long it will take for you to (1) set up the solo401K account and give me an EIN (can I just use my current LLC EIN), (2) open a new Solo401K checking account at my local bank; and (3) have the funds from my current IRA transferred to that account.
Solo 401k Set Up Answers:
- Within 1 business day of your Solo 401k set up, we will (i) email you the 401k establishment documents and (ii) obtain a new EIN for the Solo 401k. Please note that you can’t use the EIN for the LLC through which you operate your self-employed business.
- Your local bank should able to establish the Solo 401k checking account in a couple business days.
- The time to transfer funds from your existing retirement accounts will vary by institution and by account type. Moreover, it will depend on other factors such as whether they can overnight you the transfer check payable to the Solo 401k. You would then deposit the check in the Solo 401k bank account and then you can invest the funds as soon as they clear. The My Solo 401k Financial team has deep expertise and knowledge in navigating the transfer process at virtually all institutions which is essential in ensuring that your funds transfer correctly and as quickly as possible.
