This portion of our site contain information and forms that are helpful in maintaining your Solo 401k Plan.
All 401k plans that have assets in excess of $250,000 will need to file form 5500-EZ annually for reporting purposes only. (Assets of any other plan of the same business are taken into account in determining whether the $250,000 threshold is met.) This filing does not require any payments. Form 1099R needs to be filed in each year that you take a distribution from your Solo 401k. The reported distributions will be taxable unless the distributions are of after-tax amounts or are tax-free Roth distributions. Additionally, if your plan had Unrelated Business Income, in excess of $1,000 during the previous year it must file form 990T to report and pay the amount of the Unrelated Business Income Tax (UBIT) that is due.
Being that the Solo 401k is an IRS approved Qualified Retirement Plan, it is required to be updated and amended annually to keep up with all of the latest government legislation and laws. Our staff therefore sends out amendments to each client (typically annually), which must be signed by the business owner and kept with your other plan documents in order to keep the plan qualified.