With our Solo 401k plan, the role of the bank or brokerage firms is to simply provide a holding account for the solo 401k & not to provide any tax reporting/record-keeping nor oversee the account.
We assist our clients with their cooperation in performing the required solo 401k compliance reporting such as filing Form 1099-R which applies to conversions and distributions, for example, as well as Form 5500-ez filing once the value of the solo 401k plan exceeds $250,000 in fair market value or at plan termination.
