Wednesday, April 17, 2013

Finally opened Solo 401k bank account at Bank of America




BACKGROUND: I was able to open the account for myself as a trustee with Bank of America (it wasn’t easy though). I had to go to multiple branches as the bank reps kept referring me to their Merrill Lynch division to open one of their solo 401k plans, which is obviously not what I wanted. My wife will also be opening her solo 401k bank account as a trustee this weekend.

QUESTION: Since now the account is setup, for employer contribution – can I just transfer the funds to this account online – or should I cut a check payable to the solo 401k from my business account?

QUESTION: For an employee contribution, I will try to setup via the payroll service. In case I have issues with that, then should I make employee contribution from my personal account?

ANSWER: You can either make contributions by check or wire. The key is that they are generated from earned income stemming from the self-employed business sponsoring the solo 401k plan. Please use solo 401k contribution form located on the forms section of our website. Note that this form is for your records only.



1 comment:

  1. Hi
    Can you give us the email address for the contact at the bank that finally understood? And also maybe the exact phrase that makes them understand how to open the account? Thanks
    Can send to boblooks ( ) Gmail.com

    ReplyDelete