Solo 401k Provider

Self-Directed 401k Provider

Reputable and Experienced Solo 401k Provider

As a reputable Solo 401k provider, we offer a full-service Self-Directed Solo 401k plan at a fair price for investing in equities and alternative investments such as real estate, promissory notes, tax liens, private company shares, precious metals and tax deeds. Our self-directed solo 401k also allows for solo 401k loans.

Solo 401k Provider of IRS Approved Solo 401k Plan

When selecting a solo 401k provider, it is important to confirm that the provider is providing an updated IRS-approved 401k plan.

You can confirm that our plan has been approved by the IRS by clicking on the following link and searching for “www. MySolo401k.net”

1. IRS Excel List of 401k Plan Document Providers

2. Determining Pre-approved 401k plans

Depository and Non-Depository

For purposes solo 401k plans, the providers of such accounts can be categorized as depository or non-depository institutions.

Depository Institutions include the following:

  • Brokerage firms;
  • Insurance companies; and
  • Federally insured banks.

Non-depository institutions include self-directed solo 401k plan and compliance providers such as My Solo 401k Financial who affords the self-employed business owner to choose where to hold his or her liquid funds.

Types of Solo 401k Providers

Type 1: Checkbook Control

While there are many solo 401k providers in the checkbook control space, My Solo 401k Financial falls under this category and stands out from the competition for the following reasons:

Not All Solo 401k Providers Provide the Same Level of Service

My Solo 401k Financial is one of only a few checkbook solo 401k providers that offers an audit guarantee. Following additional ways that from My Solo 401k Financial generally stands out from the rest of the competition:

  • Our solo 401k plan allows for all three types of solo 401k contributions: pretax 401k, Roth 401k and after-tax 401k contributions; after-tax contributions allow for the mega backdoor Roth Solo 401k which allows the business owner to supercharge his or her year 2020 ROTH 401k contributions to as much as $57,000 per year.
  • Form 5500-EZ and 1099-R preparation is included in our annual fee of $125.  Not all checkbook solo 401k providers offer this service or charge an additional fee for each service on-top of  their annual fee.
  • My Solo 401k Financial will process the in-plan Roth 401k conversion and mega back door conversions and perform the required IRS reporting at no additional cost.
  • For those account holders who have reached the magical age of 72, My Solo 401k Financial will perform the necessary Required Minimum Distribution calculation and 1099-R reporting at no additional cost.
  • At time of the solo 401k owner’s death, the 401k beneficiary rules apply; My Solo 401k Financial will perform the necessary beneficiary 401k reporting with the IRS at no additional cost.
  • My Solo 401k Financial provides a solo 401k plan that allows the business owner to process a solo 401k loan with a 30 year loan payback period if the borrowed proceeds are used toward the purchase of a primary residence.
  • A checkbook solo 401k from My Solo 401k Financial can be opened at your local bank or credit union or at Fidelity or Charles Schwab with checkbook control. You get to choose. To learn more about the differences between a checkbook bank account vs a checkbook brokerage account click here.

Type 2: Self-Directed but WITHOUT Checkbook Control

While the following custodians do not allow for checkbook control which means they hold your funds and process your investments, they may be ideal for those who do not want to hold on to their own investment paperwork and don’t mind paying between $300 to $400 in annual fees.

American IRA

Pensco Trust

Provident Trust

Equity Trust

IRA Services Trust Company

Type 3: Brokerage Firms but Not Self-Directed and Only Allow for Stocks & Mutual Funds

While brokerage firms also offer solo 401k plans, they do not allow for checkbook control and only allow for equity investments like stocks and mutual funds.

Vanguard

Fidelity Investments

Charles Schwab

Oppenheimer

E-Trade

Type 4: Bank Firms Not Self-Directed and Only Allow for Mutual Funds and CDs

Banks that offer solo 401k plans do not allow for checkbook control or for self-directed investing. Banks generally only allow for investing in mutual funds, certificates of deposits and bonds.

Wells Fargo

Chase Bank

Bank of America

Type 5: Insurance Companies Not Self-Directed and Only Allow for Annuities

Nationwide

MassMutual

Allianz Life

Pacific Life

Voya

SunAmerica

Whether you are self-employed or a financial professional, contact us at  info@MySolo401k.net or 800-489-7571 to learn more about how our self-directed Solo 401k plan can help meet your retirement goals or those of your clients.

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