I am one of the 99% who got catfished into Ascensus with my Solo 401k. Before they start with the charges, and for other reasons, I want to get it moved over elsewhere. The employer side is traditional, as I understand it must be, and the employee side is Roth. I have a few questions I'm hoping you geniuses can help me with.
I understand that with the Roth side, I have to go with Schwab rather than Fidelity. Is that right?
I figure while I'm at it I'll try to get that groovy auto contribution tax credit. Schwab now offers the ACH automatic contributions from what I can tell. Does this plan track?
Schwab insists I need to fill out TWO Solo 401k account applications - one for the Traditional side of my Solo 401k and one for the Roth side. The rep swears it won't result in two plans, rather two "accounts." Does this sound right?
One of the reasons I doubt whether I should be filling out two account applications - the rep was *insistent* that Ascensus will do a transfer of funds on Schwab's request. I kept saying, I don't think so, friend, I think they will want to cut a check. On our third go around I finally convinced him to go and check and he came back and confirmed Schwab will take care of the transfer. It seemed odd given all I've read here. When I was right about to get off the phone he stopped and changed tact completely, just received confirmation Ascensus will not take our forms. Then went into how I will have to open the two accounts and now work through Ascensus to initiate the transfer (the latter was what I understood before the call anyway). But his lack of awareness on this after he told me to start they are getting tons of Ascensus calls makes me feel a little hesitant, but I feel like this is my only option other than staying with Ascensus and paying the fees. The tax consequences of a mistake would be about the cost of an inground pool, so I want to be verrry careful. Any words of wisdom for me here?
Thanks so much, Boogers.
I understand that with the Roth side, I have to go with Schwab rather than Fidelity. Is that right?
I figure while I'm at it I'll try to get that groovy auto contribution tax credit. Schwab now offers the ACH automatic contributions from what I can tell. Does this plan track?
Schwab insists I need to fill out TWO Solo 401k account applications - one for the Traditional side of my Solo 401k and one for the Roth side. The rep swears it won't result in two plans, rather two "accounts." Does this sound right?
One of the reasons I doubt whether I should be filling out two account applications - the rep was *insistent* that Ascensus will do a transfer of funds on Schwab's request. I kept saying, I don't think so, friend, I think they will want to cut a check. On our third go around I finally convinced him to go and check and he came back and confirmed Schwab will take care of the transfer. It seemed odd given all I've read here. When I was right about to get off the phone he stopped and changed tact completely, just received confirmation Ascensus will not take our forms. Then went into how I will have to open the two accounts and now work through Ascensus to initiate the transfer (the latter was what I understood before the call anyway). But his lack of awareness on this after he told me to start they are getting tons of Ascensus calls makes me feel a little hesitant, but I feel like this is my only option other than staying with Ascensus and paying the fees. The tax consequences of a mistake would be about the cost of an inground pool, so I want to be verrry careful. Any words of wisdom for me here?
Thanks so much, Boogers.
Statistics: Posted by letahl — Wed Sep 11, 2024 9:37 am — Replies 2 — Views 108