Solo 401k New Account Checklist V2

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´╗┐Solo 401k New Account Checklist


o Sign Plan Signature Pages (and store in a safe place) o Download a copy of your trust EIN letter

o Save a copy of your 401k plan and trust documents


o Initiate your rollover o Receive rollover check o Open bank account for your 401k trust o Open a brokerage account for your 401k trust o Deposit rollover check o Calculate your contributions o Complete a contribution form o Deposit contributions into your 401k trust bank and/or brokerage



o Create a purchase agreement where the trust is the buyer/lender/owner

o Use your 401k trust tax ID number for all transactions o Deposit rent checks, loan & note repayments, and dividends into your

401k trust bank and/or brokerage account o Pay expenses, repairs, closing costs, earnest money from your 401k

trust bank and/or brokerage account


o Tally 401k cash and assets o If the total value was $250,000 or greater as of December 31st,

complete and file form 5500-EZ by July 31st of the following year o Complete form 1099-R by January 31st if:

o You did an in-plan Roth conversion o You made a distribution or withdrawal from the Solo 401k plan

(regular, early, required minimum distribution) o You rolled funds out of the Solo 401k and into another

retirement plan

? 2019 - All Rights Reserved

Solo 401k New Account Checklist

Notes on Account Checklist:

1. Funding ? Initiate your rollover at

2. Funding ? Receive your rollover check: Make sure your rollover check is made payable to your Solo 401k trust to ensure a direct rollover

3. Funding ? Open bank/brokerage account: Use the 401k trust name and tax ID number

4. Funding ? Calculate your contribution: Get calculation help at

5. Funding ? Complete a contribution form: Find the contribution form under "Forms" on your 401k dashboard

6. Investing ? Use the 401k trust and trust tax ID number on all transactions using 401k funds. All income/dividends/payments from the 401k investments should be deposited into the 401k trust bank/brokerage account. Expenses/repairs for 401k investments should use 401k trust funds

7. Reporting ? Form 5500-EZ: If your Solo 401k plan total value was $250,000 or more on December 31st of the tax year, you must file IRS form 5500-EZ by July 31st of the following year

8. Reporting ?Form 1099-R: The IRS requires original forms of the 1099-R. You can order forms online from , have your CPA prepare and e-file the form, or use an online filing service. As the recipient, you'll receive your copy of the 1099-R by January 31st. The IRS should receive their physical copy by February 28th, or e-filed copy by April 1st

Record Keeping Notes for the Solo 401k Plan:

o Keep excellent records of the money coming in and going out of your Solo4 01k plan

o Rollover acceptance form can be used to keep track of incoming rollovers o Contribution form can be used to document contributions o Distribution form can be used to document early

withdrawals/distributions, regular taxable distributions, or required minimum distributions o Use the in-plan Roth conversion form to record your in-plan conversion of traditional (pre-tax) to Roth funds

? 2019 - All Rights Reserved


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