Direct Rollover fund between solo401k and Traditional IRA2 Replies
Top ForumsTransfers/Rollovers, Solo 401k ContributionsMay 19, 2022 at 9:00 am
I would like to roll some funds from my Solo 401 held with Fidelity to a Traditional IRA at IB.
My questions are:
– Ater there any restrictions (frequency, etc.) on moving funds from mysolo401k plan to a Traditional IRA?
– Are there any restrictions on later moving these funds back from Traditional IRA to mysolo401k plan?
– What IRS reporting do I need to do?
– If I have funds in Traditional IRA and attempt to do a mega backdoor conversion with the MySolo401k plan, are the funds in Traditional IRA affected by the pro-rata rule?
Top ForumsSolo 401k, Solo 401k ContributionsMay 20, 2022 at 3:19 am@JanPevzner
1) One must typically be at least 59.5 years of age before one can transfer funds from a Solo 401k to an IRA. See more: https://www.mysolo401k.net/making-solo-401k-distributions/
2) Funds that are in a Traditional IRA can be rolled over to a Solo 401k without restriction and we will handle the transfer process as part of our services for no additional charge.
3) The transfer of funds from a Solo 401k to an IRA must be reported on a 1099-R. We will prepare the 1099-R as part of our services for no additional charge – clients simply need to complete our online form to provide us the information needed: https://www.mysolo401k.net/learn/forms/
4) With respect to a Mega Backdoor Roth Solo 401k, the pro-rata rules apply at the Solo 401k sub-account level and funds in an IRA are not considered.
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