ForumsSolo 401k Bank AccountAre banking fees paid through contributions or otherwise?

Forums Solo 401k Solo 401k Bank Account Are banking fees paid through contributions or otherwise?

  • Are banking fees paid through contributions or otherwise?

    5 Replies
  • Jeff Craft

    Top SubjectSolo 401k Contributions,Solo 401k Bank Account
    Top ForumsSolo 401k Contributions, Solo 401k Bank Account

    Jeff Craft

    Jeff Craft

    Top SubjectSolo 401k Contributions,Solo 401k Bank Account

    November 28, 2021 at 10:06 am

    Hey

    Just wondering how banking/wire fees are handled in relation to contributions.

    Example: I open a Solo 401k ROTH bank account. I make a contribution of $3000.

    The bank then charges me $15 monthly fee or $10 fee to send a wire.

    Can I add add extra personal money to cover the fees? So, transfer $15 to pay the monthly fee as a non contribution or account maintenance expense? (Or must all fees be paid from contributions alone?)

    Thanks

    Jeff

    Jeff Craft
  • Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions
    Top ForumsSolo 401k, Solo 401k Contributions

    Mark Nolan

    Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions

    November 28, 2021 at 1:06 pm

    Bank fees associated with the solo 401k bank account are paid with solo 401k funds not personal or business funds. Therefore, you can’t make up them up by making annual solo 401k contributions beyond the contribution limits which are based on your net self-employment income. Doing so would result in an excess solo 401k contribution.

    • Jeff Craft

      Top SubjectSolo 401k Contributions,Solo 401k Bank Account
      Top ForumsSolo 401k Contributions, Solo 401k Bank Account

      Jeff Craft

      Jeff Craft

      Top SubjectSolo 401k Contributions,Solo 401k Bank Account

      November 30, 2021 at 12:57 pm

      Thanks Mark,

      I suspected this would be the answer, but was hoping I could pay the fees separately.

      But best to know now!

      Thanks

      Jeff

      Jeff Craft
  • Top SubjectSolo 401k – Eligibility,Solo 401k Bank Account
    Top ForumsSolo 401k – Eligibility, Solo 401k Bank Account

    Bryan Bush
    Top SubjectSolo 401k – Eligibility,Solo 401k Bank Account

    December 2, 2021 at 6:22 pm

    I am wondering if this is also the case with the fees charged by mysolo401k?

    Bryan Bush

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