All Forum Posts by: Dmitriy Fomichenko

@Bruce M.

If I'm not mistaken, in one of your posts you said that you decided to use PGI to set up your Solo 401k. You should be asking them all these questions, are they not able to provide you with the answers? or you haven't made the move yet?

@Bruce M.

if you have a self-directed Solo 401(k) plan where you direct all investments as the trustee of the plan, you will have a checking account associated with the plan. The checking account will be in the name of the Solo 401(k) Trust using it's own EIN. Now, the bank that holds the checking account would not be a custodian, therefore it will not be tracking all deposits and withdrawal on this account. You, as the plan administrator is responsible for all record-keeping and accounting. So the only 1099 that the bank can issue is 1099-INT if your account earned any interest during the year.

@Bruce M.

1099 is only required if you take a distribution form your account or if you convert into Roth.

5500-EZ is required to be filed with the IRS only if your plan balance is over $250,000. If you have less than $250,000 no filing is required.

Disclosure: We establish Solo 401k Plans for clients and can prepare and submit for electronic filing with the IRS both forms.

@Ben Johnstone welcome to the BP community!

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@Marcus Haywood welcome to the BP community!