You may think finding a good solo 401k provider is easy. However, with the ever increasing number of new Solo 401k providers on the block, you should look for the following in your Solo 401k provider:
Offers Flexible Solo 401k Trust Document
Before signing up with a solo 401k provider, make sure that their Solo 401k or Individual 401k plan has following options:
- Option to direct your own alternative investments (for example, real estate, precious metals, notes, private shares, currency, etc)
- Allows for Participant loans (borrow from solo 401k)
Make Sure Solo 401k Provider Provides Full Service at Flat, Low Fee
Compared to other 401k types, Solo 401k is fairly easy to administer. However, you should still make sure that the Solo 401k provider that you go with will provide the following services:
1) Annual Form 5500EZ preparation
2) Form 1099R preparation
4) Assistance in calculating annual solo 401k contributions
5) Education on solo 401k rules
6) Facilitates or reviews alternative investments for proper registration
7) Great customer service
8) Opened on Saturday
9) Prepares transfer/rollover forms
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