Click HERE to view PowerPoint Slides.
We find that self-employed business owners restate their existing solo 401k with other providers including NuView Trust Company to our self-directed solo 401k plan for the following reasons:
- Full Plan flexibility
- The fees and costs
- The ongoing compliance support that we provide for one flat annual fee of $125
- The funds can continue to be held at your local bank or brokerage firm
- $1,500 Solo 401k Credit
- Why Switch?
- 100% FLAT FEE self-directed plan including Mega Backdoor Roth & Alternative Investments for no additional charge
- Expert Compliance Support (5500-ez, 1099-R, expert compliance team, etc.) for no additional charge
- Our self-directed solo 401k plan is now eligible for up to $1,500 in dollar-for-dollar tax credits. Visit here to learn more.
How to Change Plan Providers: NuView Trust Company to a Self-Directed Solo 401k from My Solo 401k Financial
Process:
- New Solo 401k Plan Documents
- List the original plan effective date
- Use the existing plan’s EIN
- Keep the existing Plan name
- Continue to use the existing Plan’s bank accounts or open new ones as well as brokerage accounts (optional-not required)
- Not Required: No Final 5500
- -EZ or 1099-R since the existing Plan is being restated from NuView Trust Company to My Solo 401k Financial
Self-directed Solo 401k –Compliance Support
- Form 5500-ez
- If your solo 401k plan balance exceeded $250,000 as of December 31, a Form 5500-EZ is due to the IRS by July 31.
- 1099-R
- Distributions, Rollover, In-Plan Conversions
- Contribution Calculation (including Mega Backdoor Roth)
- Loan Document Preparation
- Alternative Investments
Both Trustees QUESTION:
Can my wife and I both be trustees of the solo 401k or do your documents limit it to only one trustee?
ANSWER:
Yes, the IRS rules allow for both spouses to serve as trustees of the self-employed business sponsored solo 401k; therefore, we don’t place such restrictions on the solo 401k plan.
Reporting QUESTION:
How do you go about filing the 5500EZ and 1099R? Would you need info from us on this?
ANSWER:
While we don’t have access to your solo 401k funds by design, we can perform the required Form 1099-R and Form 5500-ez reporting upon your timely request which can be done by completing our online form requests, and these services are provided free of charge to our clients.
