Form 5500-EZ for first year with MySolo401k1 Reply
Top ForumsMega Backdoor Roth Solo 401k, Solo 401k – 5500-EZApril 26, 2022 at 4:07 am
Hi – Last year I converted my Fidelity prototype 401k to a non-prototype MySolo401k plan (still at Fidelity) and rolled over my old 401k to the new MySolo401k. Yesterday I received the information form from Fidelity that can be used to prepare Form 5500-EZ for the prototype Fidelity 401k (zero balance/since closed). My questions are:
(1) Will I receive a comparable information form from Fidelity for my MySolo401k non-prototype 401k?
(2) Will I need to file two Forms 5500-EZ, one for my old prototype plan and one for my new MySolo401k non-prototype plan?
(3) What assistance with MySolo401k provide in preparing the Form(s) 5500-EZ?
Top ForumsSolo 401k, Solo 401k ContributionsApril 27, 2022 at 6:30 am@JMarr
Thank you for your post!
We have many clients that start with a “basic” solo 401k plan from a place like Fidelity and then restate to our Solo 401k to take advantage of the features and services that we offer including the ability to invest in cryptocurrency and real estate, make Mega Backoor Roth contributions, etc. The process is called a restatement which means that the pre-existing plan will continue to exist but the plan will be governed by our plan documents which allow for crypto, real estate, Mega Backdoor Roth, etc. See more: https://www.mysolo401k.net/top-reasons-to-change-your-fidelity-solo-401k-to-a-self-directed-solo-401k/
Once the value of the plan exceeds, $250,000 our clients simply need to email us at [email protected] and we will add their plan to our queue to prepare the Form 5500-EZ (including preparing it so that it can be filed electronically). We handle this as part of our service for no additional charge.
In this case, there is only one plan (i.e. the pre-existing plan is restated) which means that only Form 5500-EZ is filed.
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