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Forums Solo 401k Solo 401k Contributions Making Solo 401k Contributions to Solo 401k Bank Account

  • Making Solo 401k Contributions to Solo 401k Bank Account

    1 Reply
  • Mohan A.

    Top SubjectSolo 401k Contributions
    Top ForumsSolo 401k Contributions

    Mohan A.

    Mohan A.

    Top SubjectSolo 401k Contributions

    June 8, 2022 at 8:28 am

    How do I contribute to my solo 401k checking account ?
    Can I send money directly from Business checking to my Solo 401K checking account?
    Is there a monthly limit ?

    Mohan A.
  • Mark Nolan

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

    Mark Nolan

    Mark Nolan

    Top SubjectSolo 401k,Solo 401k Contributions

    June 8, 2022 at 8:54 am

    The annual contributions can be made periodically or in one lump sum by the business tax return due including business tax return extension.

    Solo 401k Contribution Deadlines:

    The self-directed 401k contribution deadlines are based on the type of entity sponsoring the solo 401k.

    If the entity type is a Sole Proprietorship, the annual solo401k contribution deadline is April 15, or October 15 if tax return extension is timely filed.

    If the entity type is an LLC taxed as an S-Corporation (calendar year), the annual solo401k contribution deadline is March 15, or September 15 if tax return extension is timely filed.

    If the entity type is an LLC taxed as a Partnership (calendar year), the annual solo401k contribution deadline is March 15, or September 15 if tax return extension is timely filed.

    If the entity type is a Partnership (calendar year), the annual solo401k contribution deadline is March 15, or September 15 if tax return extension is timely filed.

    If the entity type is an S-Corporation (calendar year), the annual solo401k contribution deadline is March 15, or September 15 if tax return extension is timely filed.

    If the entity type is an C-Corporation (calendar year), the annual solo401k contribution deadline is April 15, or September 15 if tax return extension is timely filed.

    The annual solo 401k contributions may be made by wire of by check for deposit directly into the solo 401k bank account. You will need to coordinate with the bank on both sides to setup the auto deposit if done electronically via ACH.

    If by Check:
    Make the contribution check payable to in the name of the solo 401k plan F.B.O. your name. For example, if the name of your solo 401k plan is World Leader Trust and your name is Susan Smith, you would make the check payable as follows: World Leader Trust F.B.O. Susa Smith

    In the memo section write “Contribution”.

    Also write the solo 401k bank account account number in the memo section.

    On the back of the check sign your name.

    After you sign, write Trustee of and list the name of the solo 401k plan.

    Then write For Deposit Only.

    Then write the solo 401k bank account number.

    Then mail this check to the bank or take it to the local branch for deposit.

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