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Updated about 8 years ago on . Most recent reply

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2
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Paul Black
  • Cedar Rapids, IA
0
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2
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Help with Self-Directed 401k

Paul Black
  • Cedar Rapids, IA
Posted

I need some expert advise.  A few years ago I rolled over my regular 401k into a self-directed solo 401k.  I am the trustee of this 401k.  I have no employees.  Last year I turned 60 and used some of the funds to pay some old bills (I have checkbook access to the account).  I know I need to claim the 'distribution' as income.  My question - does the 401k account need to issue a 1099-R to me?  Do I need to send a copy of the 1099 to the IRS?  I want to do the right thing and be legal, just not sure what I need to do that.  I appreciate any advise anyone could provide.  Thank you. 

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