Solo 401k and personal taxes
Can you provide guidance on what I'm required to do on the tax/CPA side of things? What should I submit to my accountant for the plan?
Note that we are not qualified to provide tax, legal or investment advice. This information is intended as general guidance only. You should always consult with an experienced tax professional regarding your personal tax situation.
Depending on your activity within your Solo 401k for the year, you may need to submit your records of the following to your CPA:
- Form 5500-EZ
- Contributions made to the plan
If you made contributions to your Solo 401k, you will need to report them on the appropriate return(s). See the section on "Report your contributions."
- Form 1099-R
If you performed a Roth conversion, distribution, or defaulted on a participant loan from your Solo 401k, you are responsible to file Form 1099-R on behalf of your plan to report it:
- Recordkeeping for the Solo 401k
As plan administrator of your Solo 401k, it is your responsibility to maintain the recordkeeping of the plan. This includes the contributions, distributions, investments, etc.