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Updated about 14 years ago,

User Stats

257
Posts
18
Votes
Mark Beekman
  • Investor
  • Phoenixville, PA
18
Votes |
257
Posts

SD401k Newb Questions

Mark Beekman
  • Investor
  • Phoenixville, PA
Posted

I recently opened up a self-directed Solo Roth 401k through SunWest and I'm about to open a checking account and make my 2010 contribution.

First off, what type of checking account do I need to open? Would it be a small business account, a trust account, etc.?

Also, I have a sole-proprietorship and report my business income on a Scedule C. The IRS code says, "You must report a contribution to a Roth account on Form W-2 and a distribution from a Roth account on Form 1099-R.". How do I report my contribution on a W-2 when I don't get one???

A CPA also told me that I should fill out an elective deferral form for my contributions. Is that a standard form that the IRS uses, or is it simply something that I write up since I'm self-directed?

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