Fidelity Solo 401k Review - Top Reasons to Change to a Self-Directed Solo 401k

[@JR-ee1sz]

Great video. I setup my plan on Fidelity with your plan and want to share my experience with the local Fidelity office to help others since it's a company policy. I brought my Solo 401k docs to open my Fidelity account with check privilige. I brought my paperwork and explained that is was Solo 401k Trust account and the rep seemed confused. I explained the type/purpose of account. After he received guidance from another co-worker my Fidelty account was open withing a couple of minutes. Fyi, they refer to the account as "Non-protoype" account which I learned after speaking to a Fidelity rep from their 800 number. I just called the 800 number to make sure the account was handled/opened correctly and with the mutual fund I had selected, which it was. Another thing that I learn when I tried to make a tax year contribution online is that non-prototype accounts only allows you to make in-person or mailed in deposits. I hope this helps. Thanks & God bless!

[@mysolo401kfinancial3]

Thanks so much for sharing! We are here to help as always as sometimes certain reps at Fidelity are not familiar with the process. I note that unlike the “free” solo 401k at Fidelity, with the non prototype account that is set up for clients with our plan it is possible to electronically deposit money via ACH - let us know so that we can guide you through the process.

[@JR-ee1sz]

@@mysolo401kfinancial3 Yes. Please let me know how to process contributions electronically as it would save me a trip to the bank and then a trip to Fidelity (approx 30 miles each way). Thanks & God bless!

[@mysolo401kfinancial3]

Please send us an email to [e-mail] with your plan name and then we will respond accordingly.

[@mikeg2447]

Question. Do you charge fees every time you do a transaction and how much do you charge? I'm talking about the self-directed 401k?

[@mysolo401kfinancial3]

No we don’t - we charge a flat fee regardless of the number of transactions or size of your account www.mysolo401k.net/solo-401k/solo-401k-pricing/

[@cmge]

When I setup a solo 401k with check book control plan, if I want to open a Roth 401k account at Fidelity would I open a specific Roth brokerage acct with Fidelity or a regular brokerage account under my solo 401k name?

[@mysolo401kfinancial3]

The latter - a brokerage account in the name of the Solo 401k for Roth funds. We would prepare the paperwork to open such brokerage accounts.

[@xw9476tw]

I have a Fidelity solo 401k and am interested in your plan. On the IRS form 5500-ez it asks for Employer Identification Number (EIN) (Do not enter your Social Security Number). What would a person enter there with your plan? Also, with your plan, where would you enter the "EIN for the 401k plan"? Its all so confusing. Also, when I set up the plan up years ago I made what may be a mistake of naming the plan my full legal name. Would that cause problems when switching to your plan (like triggering a massive distribution)?

[@mysolo401kfinancial3]

1) The EIN of the business that sponsors the Solo 401k is listed on the Form 5500 EZ. If you don't have an EIN for your business then you need to obtain one since you can't list your SSN on the Form 5500-EZ. Please note that we prepare the Form 5500-EZ for our clients. 2) Simply using your name in the name of the plan won't trigger a distribution.