Having been in business since 2009 with over 8,000 clients, an A+ rating from the Better Business Bureau, with 0 (zero) customer complaints, our track record is tremendous. It is important to take a long-term view in choosing a Solo 401k provider with superior expertise and service as you will be setting up of 401(k) plan for your business which needs to be kept in compliance.
Self-employed individuals want to devote their time to running a successful business—not running a solo 401k retirement plan. Based on our experience we field questions every day (even on Saturdays) from our existing clients ranging from helping them determine how much they can contribute to the plan to how to invest their solo 401(k) funds in real estate or other alternative investments in accordance with the solo 401(k) rules. There is no minimum balance and there is no additional charge for the support.
Guide for Choosing a Solo 401k Provider
- Click Here to view our guide for choosing a solo 401k provider.
MySolo401k Financial vs. the Competition
- Click Here to view chart.
Solo 401k Compliance & Audit Guarantee:
- It is important to work with a solo 401k provider that will stand behind their solo 401k plan and service. Click Here to view our solo 401k audit guarantee.
Monthly Client Only Webinars:
- Monthly client-only webinars on hot compliance topics led by our Senior Compliance team. Subscribe HERE to receive invitations.
Setup Fee: $550
Our fee structure is 100% flat. Our initial fee is $550
$550 Establishment Fee for Self-Directed Solo 401k Plan with Checkbook Control & Includes the Following:
Plan Documents: IRS Approved Solo 401k Plan Establishment Documents
EIN for Solo 401k Plan: Obtainment of Employer Identification Number (EIN) for Solo 401k Plan
Bank Account: Bank Account Setup at Bank of Your Choosing with Checkbook & Wire Control
Free Brokerage Account: Free Brokerage Account with Checkbook at Fidelity Investments, Charles Schwab, E-TRADE or TD Ameritrade which allows for solo 401k participant loans, investing in real estate, notes, tax liens, private investments, as well as stocks and mutual funds.
Transfer Forms: Preparation of Transfer Forms for transferring your former employer retirement plan and IRAs to the solo 401k plan.
Annual Fee Starting 2nd Year (12 months later): $125
The annual fee covers annual plan document fees including the Year 2020 Required IRS Plan Update where you will be required to sign all new IRS approved plan documents, as well as future IRS required plan updates.
Annual Fee Also Covers the Following Ongoing Support:
- 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
The fees we charge
We do not charge any hidden fees on your Solo 401(k) account. We charge a flat annual fee of $125.
Better Business Bureau Client Review
For a full list of over 100 client reviews, CLICK HERE.
