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Megaroth 401k conversions of Existing E-Trade Solo 401k
QUESTIONS:
My wife's business currently has a solo 401k set up through etrade. Is it possible to set up a solo 401k with a self-directed solo 401k provider and then transfer the assets from the etrade solo 401k?
Also, I'm pretty happy with Fidelity for investing. If we set up with you, can we use a fidelity checkbook brokerage and still enable in-plan roth conversions?
ANSWERS:
Absolutely, a significant number of clients have an existing Solo 401k plan through another provider such as Etrade and want to switch to a another solo 401k provider so that they can take advantage of certain features of a self-directed solo 401k plan such as the ability to make Roth Conversions, Mega Back Door Roth contributions, etc. Please see the following links for more info:
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Change Solo 401k Providers (Restatement)
- Mega Back Door Roth
- Roth Solo 401k
- In-plan Roth conversion
- Roth Distributions
Yes the new solo 401k provider will set up free sub-accounts at Fidelity for your Solo 401k (i.e. one each for Pre-Tax, Roth and After-Tax funds). See the following for more info: Fidelity Brokerage Account
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