Personal Investments • Solo 401k Multiple Plans Issue (#001, #002)

Hello!

I have had a solo 401k setup for my business for many years now. I have been filing the necessary Forms 5500EZ as required once the balance hit $250k. However I recently discovered this site and upon reading around it seems like my plan was setup incorrectly.

When I originally setup the plan Etrade instructed me that I needed to sign two "plan documents". One would elect to be a "standard" 401k and the other would elect to be a "roth" 401k. Unfortunately it seems like I was instructed wrong originally by Etrade and I now have been funding and reporting two plans (#001 and #002) to the IRS.

I've seen folks here discuss it yet no one has ever come back with a proven solution to get this properly resolved, especially for someone who has has their plan(s) in action for awhile and has already made filings with the IRS. Has anyone here successfully unwound this mistake?

I have started to look for a lawyer to help me with this, but since I am a small business finding ones that will work with someone of my scale has been difficult.

Any feedback here?

Thanks!

Statistics: Posted by solokdude — Sat Nov 02, 2024 4:26 pm — Replies 1 — Views 110

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