Are banking fees paid through contributions or otherwise?5 Replies
Top ForumsSolo 401k Contributions, Solo 401k Bank AccountNovember 28, 2021 at 10:06 am
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?)
Top ForumsSolo 401k, Solo 401k ContributionsNovember 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.
Top ForumsSolo 401k – Eligibility, Solo 401k Bank Account
Top ForumsSolo 401k Contributions, Solo 401k Bank AccountDecember 2, 2021 at 9:34 pm
I believe the fees to establish the Solo 401k are deductible to the company/sole proprietor for providing “the plan”. As well as the annual fees to pay “the plan provider”.@george
answer properly. (If I’m wrong I need to know also. )
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