I want to Open Self-Directed Solo 401k

Assuming I want to proceed to open Solo 401k, who would be my contact person? This is dependent on the Solo 401k provider. Some Solo 401k providers assign an account executive to each client while others have a contact center full of account executives, with access to compliance personnel upon request.

 Can I open Self-Directed Solo 401k by email, or do I need to go through the website? This again depends on the Solo 401k provider. Some start the Solo 401k sign-up process through their website and finish the process through e-mail and phone call.

 How long do you estimate it takes to open a Solo 401k, and roll over my existing SEP IRA to Solo 401k?  Some Solo 401k providers establish the Solo 401k in 24 hours including opening the Solo 401k checking account, and the SEP IRA is typically transferred to Solo 401k bank account in 2 to 3 days assuming the releasing custodian doesn’t drag their feed.  

What obstacles, if any, do you anticipate? Two obstacles may arise, which are: the local banker may not have experience opening checking account for Solo 401k (a/k/a Checkbook Control Solo 401k) and thus may need to be educated; therefore, make sure to use the services of a Solo 401k provider that can extend a hand in educating your local banker on the Solo 401k bank account process. Common mishaps are: the local bank branch opens Solo 401k offered by the bank that restricts you from investing in real estate, precious metals, etc., or the Solo 401k is opened in your name, which is a major no, no. The Solo 401k checking account is to be opened in the name of the Solo 401k using its dedicated EIN (employer identification number), not your social security number, in order to ensure proper annual reporting by the bank. 

Who drafts and approves the self-directed Solo 401k document, and has it ever been challenged by the IRS? All Solo 401k plans are reviewed by the IRS. The self-directed Solo 401k document is drafted by a third party actuary firm and approved by the IRS through the issuance of a determination letter. 

Are Solo 401k plan documents ever challenged by the IRS? When the IRS reviews a Solo 401k plan document during an examination, they generally approach it from an operational angle as well as making sure that the Solo 401k plan document is up to date and that the IRS determination letter is readily available.