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Updated almost 8 years ago,
Help with Self-Directed 401k
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.