ForumsSolo 401k – 5500-EZForm 5500-EZ for first year with MySolo401k

Forums Solo 401k Solo 401k – 5500-EZ Form 5500-EZ for first year with MySolo401k

  • Form 5500-EZ for first year with MySolo401k

    1 Reply
  • Jeremy Marr

    Top SubjectMega Backdoor Roth Solo 401k,Solo 401k – 5500-EZ
    Top ForumsMega Backdoor Roth Solo 401k, Solo 401k – 5500-EZ

    Jeremy Marr

    Jeremy Marr

    Top SubjectMega Backdoor Roth Solo 401k,Solo 401k – 5500-EZ

    April 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?

    Jeremy Marr
  • George Blower

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

    George Blower

    George Blower

    Top SubjectSolo 401k,Solo 401k Contributions

    April 27, 2022 at 6:30 am

    @JMarr

    Jeremy Marr

    Top SubjectMega Backdoor Roth Solo 401k,Solo 401k – 5500-EZ

    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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