When Vanguard decided to exit the solo 401(k) business in 2024 I decided to do an in-service rollover (I'm over [edit 59.5] YO) to my Vanguard IRAs--Trad and Roth--of 100% of balances. I did not terminate my solo 401(k) plan but had it transferred to Schwab and funded the Schwab Trad and Roth accounts each with a $100 employee deferral. I plan to make further contributions before April 15 for the 2024 tax year.
I did file a 5500-EZ last year (because my 2023 plan assets were over $250,000) and even tho my balance is now only a little over $200 I plan to file a 5500-EZ again this year for 2024--just to avoid getting a letter from the IRS asking why I didn't file.
When completing the 2024 5500-EZ I will also update the opinion letter to reflect the new Schwab plan.
Does that all sound correct?
I did file a 5500-EZ last year (because my 2023 plan assets were over $250,000) and even tho my balance is now only a little over $200 I plan to file a 5500-EZ again this year for 2024--just to avoid getting a letter from the IRS asking why I didn't file.
When completing the 2024 5500-EZ I will also update the opinion letter to reflect the new Schwab plan.
Does that all sound correct?
Statistics: Posted by cowdogman — Wed Jan 08, 2025 1:50 pm — Replies 3 — Views 102