Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: susan400 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121563  
Subject: solo 401 can it be rolled Date: 4/15/2011 9:47 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Scenario- someone has a solo 401 IRA and in 2 yrs wished to roll the assets to consolidate to a IRA rollover acct,

possible??

TIA susan400
Print the post Back To Top
Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113140 of 121563
Subject: Re: solo 401 can it be rolled Date: 4/15/2011 11:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Scenario- someone has a solo 401 IRA and in 2 yrs wished to roll the assets to consolidate to a IRA rollover acct,

possible??


Yes.

There's tons of information about retirement plans for small businesses, including the self-employed, in IRS Publication 560. Check it out. You really shouldn't take the word of strangers in the ether.

Phil
Rule Your Retirement Home Fool

Print the post Back To Top
Author: irasmilo Big gold star, 5000 posts 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113141 of 121563
Subject: Re: solo 401 can it be rolled Date: 4/15/2011 11:12 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Scenario- someone has a solo 401 IRA and in 2 yrs wished to roll the assets to consolidate to a IRA rollover acct,

possible??


There's no such thing aa a solo 401 IRA. Assuming you mean a solo 401(k) plan, you can move the assets to an IRA account. It doesn't have to be titled a rollover account. However, the one thing you do have to do is officially terminate the 401(k) plan and file a final 5500 return for the 401(k).

Ira

Print the post Back To Top
Author: ShiningStar109 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 115905 of 121563
Subject: Re: solo 401 can it be rolled Date: 4/7/2012 1:45 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Dear Ira,

I have my brokerage accounts with Morgan Stanley Smith Barney and I want to move to another brokerage firm. I'm not sure which one yet. Does anyone know, or know how I can find out :

What are the rules about switching a prototype Smith Barney, or Morgan Stanley Smith Barney, Sole Proprietor 401K plan to another brokerage firm?

I have my own business and have a One Person, Sole Proprietor 401K Plan at Morgan Stanley Smith Barney. I was with Smith Barney when I opened it and they sent me their Template 401K Plan Adoption Agreement to use to create my 401K Plan for my business. At that time I had an Attorney/Accountant Review it for me when I set it up to make sure I did everything correctly. It is currently set up as one 401K plan but with 2 accounts under it, a Simple 401K and a Roth 401K, both under the same 401K Adoption Agreement. Smith Barney created all of the original 401K documents for the Simple 401K and then notified me when I could also open the Roth 401K under the same 401K Plan Adoption Agreement and I chose to do that also.

Do I have to create a new 401K Adoption Agreement at the New Brokerage Firm?

Do all brokerage firms have their own 401K Adoption Agreement for me to create and move my 401K assets into?

Which are the better Brokerage Firms to help me do this? I want to make sure it is done correctly and the Brokerage Firm I move my 401K to has knowledgeable, reliable people to make sure everything is set up correctly. I also have other Brokerage Accounts I would be moving at the same time, but my biggest concern is what I need to do to move my Sole Proprietor 401K plan which was created using the Smith Barney Adoption Agreement.

Any recommendations on how to do this or how to find out how to do this and which would be a good Brokerage Firm to switch to would be greatly appreciated.

Thanks for any information and suggestions on how to do this.
Shari

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement