Solo 401k suggestions

[John Rickgarn]

Somewhat off topic but I am looking to transfer my IRA into a solo 401k for better investments and use the borrowing aspect. I have researched and narrowed down to Equity Trust Company and Specialized IRA services bit was wondering if anyone had any first hand experience with either and which one they’d recommend? Thanks in advance!

[George Blower]

@John Rickgarn

Please see the following:

Considerations in Choosing a Solo 401k Provider:

1. Confirm that the provider has a pristine reputation (e.g. Better Business Bureau reviews, etc.).

2. You may wish to confirm that the new 401k provider has experience with the particular investments in which you intend to invest your retirement funds as you very likely will have questions in terms of the mechanics (e.g. how do you invest in real estate, etc.).

3. You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-EZ for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.

4. If you might take a 401k loan, you may wish to confirm that the new 401k provider will prepare the required 401k participant loan documents.