I’m trying to figure out how to sign up for a Solo 401(k) without a brokerage as the administrator. Has anyone done this and how did you do it? Thank You.
Hopefully others with experience with this will weigh in here, but I wanted to welcome you to the community and share this resource, in case you haven’t seen it yet:
Hi @howardbg1963 – I don’t have experience with this, so I can’t be any help, I’m sorry to say. But… just out of curiosity, why do you prefer not using a broker?
Hi, @howardbg1963. You would be the administrator, so I think what you’re looking for is a custodian that will allow you to self-direct your solo 401(k) so you can invest in alternatives (real estate, etc.). Did I get that right?
Your best resource is likely to be a good CPA, who can point you to a reputable company and make sure you steer clear of the IRS’ prohibited transaction rules. Because one violation of those rules, and your entire retirement fund becomes taxable.
I’m also interested as to why you wouldn’t use a broker. My wife is interested in this option as well.