All Forum Posts by: David Chance

Thanks Dmitriy!  

The diagram is a great visual and helps to show an overview of how it works. 

Originally posted by @Justin Windham:

@David Chance

Yes, you can open an account with Solera using the same paperwork you used to open an account with Fidelity.

Good news... Thanks!

Originally posted by @Brian Eastman:

@David Chance

The 5500-EZ filing requirement applies to plan value, so the sum of all accounts/investments you hold with the plan.

It sounds like you have a fully self-directed Solo 401(k).  Who set that up for you?  They should be able to assist with questions of this nature as part of their services.

 Thank you Brian, 
I did contact the company who helped me setup and the advice was inline with what was said here about keeping it separate.  It was just that Fidelity was advising that I could put it all into one account (which I'd prefer) and I was checking to see if anyone else was doing that.

Thank you all for the feedback... I'll forgo the accounting nightmare and will keep it separate.

Dmitriy,

Thank you for your response.  You are definitely a 'Go-To' guy for questions related to solo401ks.

Just to clarify, using the same paperwork that I used to open up the account with Fidelity, I can use to open an account with Solera?

Also, do I file the 5500EZ only when either account goes about $250k (assuming I open a Solera account), or if both combined goes above $250k?

Thanks 

* I hope this is not a double post, thought I had this posted but it isn't showing up.
Hi,

Just checking to see if anyone else has this situation and how they are handling it.

I have a solo401k setup with checkwriting with Fidelity and I have rolled over an old pre-tax 401k into it several months ago.

Recently I have changed jobs and now the 401k from this last company is now able to be rolled over to this solo401k. The catch is that in this old 401k it is a combined pretax and roth... roughly a 50%-50% split of each.

I've been told by Fidelity that I can rollover the whole thing into my non-prototype account (solo401k) which currently is only 100% pretax funds, however it would be up to me to keep detailed records on which percentage is roth and which is pre-tax.

Is anyone else having this issue and how is it being handled?  Don't wanna get into trouble down the road.

I considered opening a separate account for the 'Roth' only funds within the solo401k, and Fidelity said i couldn't do that. (if I understood correctly).

I've been reviewing my plan documents and I think it allows it, but it's hard for me to decipher the 'legalese'.

Let me know what you think.

Thank you for the recommendation.  I was hoping for someone that was local, but I do see that Brandon Hall has a lot of recommendations.

Hi, looking for a local CPA within an hour of Frederick MD that is real estate investor friendly.  I'm looking for someone who can not only do my personal and business taxes but can advise on how to keep more of my money. 

Let me know if you have any recommendations.

Thank you all for the comments and the link.

Curious about which states some of you are forming your LLCs in. Are you sticking with your local state or using another that may have less costs and more advantages (Nevada, Delaware, Wyoming). I suppose if you had to foreclose on something (if you held the note) , or you obtain the property thru tax lien sale, you'd have to register your LLC in that particular state. correct? Thanks in advance!

Just got the arrangements done.. conference, flight, and hotel.

I'll be seeing you there.