Transfer Individual 401k to Solo 401k | Equity Trust 401k

QUESTION: 1) My wife and I have individual K accounts at Equity Trust – Individual 401(k). How can I transfer to your firm’s solo 401k?

ANSWER: Since you already have a self-employed 401k, we just need to restate the plan, meaning that you will not be closing the plan down so a final Form 5500-EZ will not apply. Instead, you are simply switching solo 401k providers.

To restate the Equity Trust Individual 401k plan, we need the following information:

Effective date of the Individual 401k, which can be ascertained by reviewing the plan establishment adoption agreement;

The current title of the Individual 401k, which can also be located from the adoption agreement; and

Give us a call, or complete the rest of the information on our solo 401k sign up page:

QUESTION 2) If I purchase a house for $100,000 using solo 401k plan funds, if I move in to the house after 59.5 years, how is the distribution calculated? How much will I be taxed then? How is the market value calculated?

ANSWER: After the solo 401k real-estate property is appraised at fair market value using the services of an appraisal company or basing the real estate value on other properties in the area, you will have the option to process an in-kind distribution of the real estate property, pay income taxes on the value distributed, and then reported on form 1099-R.

QUESTION 3) I am planning to invest in a foreign corporation in India. How do I go about it?

ANSWER: As the Solo 401k plan trustee, the IRS Solo 401k rules require that the trustee lives in the United States. As such, the same rules as investing the solo 401k plan in domestic corporations apply to foreign corporations. For example, the same solo prohibited transaction rules apply.


About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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