There are generally two ways to fund the Solo 401k:
- Rollovers
- Contributions
Our unique Solo 401k software will design custom rollover and transfer packets for you to send to your previous custodian and/or administrator. Completing the rollover request and getting a customized rollover packet will take you 60 seconds or less, and you can initiate your rollover 24/7/365.
Our customized rollover requests will contain information specifically for your rollover or transfer, including written instructions on how to complete the direct rollover into your new Solo 401k plan.
Additionally, our rollover packet will include sample 1099-R forms so your previous custodian can correctly document the rollover without holding back any taxable distribution. Your rollover packet also includes a copy of our IRS Opinion/Determination letter, proving the qualified plan status of your new Solo 401k.
Our customizable contribution form make it easy to document contributing new funds to your Solo 401k. With the flexibility of the Nabers Group Solo 401k plan, your contribution can be pre-tax (traditional, tax-deductible) or Roth (after-tax, not tax-deductible). Remember, contributions must be based on a calculation of net earnings of the business connected to your Solo 401k. Use our helpful contribution calculator to get an idea of how much you might want to contribute. Always work with your CPA to ensure your contribution calculations are correct so you don’t over or under contribute!
Once you get the money “flow” going, you’ll want to open a bank or brokerage account (or both!). You can use any bank or brokerage account of your choosing. Our Knowledge Base has hundreds of articles to help, including step-by-step guides on how to open a brokerage account at almost every major brokerage firm, including (but not limited to): E*Trade, Schwab, Fidelity, TD Ameritrade, Merrill Lynch, Edward Jones, Vanguard, and more.
Because of our reputation in the industry, we have recommended banks around the country ready to open your Solo 401k trust bank account, or you can use your favorite local bank or credit union. Many of the banks we train and recommend have no account minimums and have completely waived their bank fees for Nabers Group clients.