I am a US citizen (and therefore a US taxpayer) but I live in England

I had a couple of quick questions for you:

BACKGROUND & QUESTIONS: I am a US citizen (and therefore a US taxpayer) but I live in England.

Is this a problem for establishing a solo 401(k)?   I assume not, but thought I would ask (as most form filling exercises always assumes a USA address).

How quickly will the IRS issue the tax exempt determination letter for my specific solo 401(k) plan?  The reason I ask this is that the investments I am interested in making here in Europe are available only to tax exempt plans and proof of this is the IRS determination letter.

Thanks and look forward to your reply.

ANSWERS:  Provided you are self-employed, have no full-time employees, and don’t own any other businesses that have full-time employees, you appear to qualify to open a solo 401k.  However, if you are the named solo 401k trustee you must live in the United States, as the plan’s assets must be held under U.S. Jurisdiction.  Please click here to read our blog on this topic.

We will provide a copy of the IRS determination letter for our plan along with the rest of the solo 401k plan documents the next business day.

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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