Personal Finance (Not Investing) • How can I close my Solo 401(k)?

Since I saw several people ask about this and I just went through it myself recently I thought I'd comment on this:

As the plan administrator you will need to file the appropriate 1099-r form

You do not generate the 1099-R, the company that holds yours solo 401k plan will generate it. You will file it with your tax return for the appropriate tax year.

In my case I rolled my Fidelity solo 401k to a Fidelity IRA in 2022, so Fidelity sent me a 1099-R for 2022 with a distribution code (Box 7) of "G" and taxable amount (box 2A) of zero. Distribution code G = Direct rollover of a distribution to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.

Statistics: Posted by Pete3 — Fri Apr 19, 2024 7:07 am — Replies 24 — Views 1158

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