UPDATE: Rocket Dollar Won’t File 5500-EZ or 1099-R — What Now? How to Upgrade & Avoid Compliance Risk
QUESTION:
I opened up a Solo 401k with RocketDollar.com last year and I wanted to know if it is possible to switch services to My Solo 401k Financial.
I’m not satisfied with their services and I would end up paying more for their Gold plan at $30/mo.
The Gold plan is required for Form 5500EZ preparation and for Mega Backdoor Roth Solo 401k assistance.
ANSWER:
Yes, and we make the transition of restating your existing solo 401k with Rocket Dollar to our self-directed solo 401k very easy. We find that self-employed business owners restate their existing solo 401k with other providers including Rocket Dollar 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
- 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
How to Change Plan Providers: Rocket Dollar 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 Rocket Dollar 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
