solo 401k

[Iamnew2]

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Hey all sorry I am not sure where to post this. Hoping someone out there might have an answer for me!
Trying to set up a solo 401k. I have called Fidelity, they dont seem very with it and don't know anything or how to set one up (despite supposedly doing them).
I have looked but not sure who else does this? Trying to do this before 1/1/22 so I don't get destroyed with taxes!

Could someone who knows/has a solo 401k provide some info? thanks!

 

[ThoracicGuy]

Hey all sorry I am not sure where to post this. Hoping someone out there might have an answer for me!
Trying to set up a solo 401k. I have called Fidelity, they dont seem very with it and don't know anything or how to set one up (despite supposedly doing them).
I have looked but not sure who else does this? Trying to do this before 1/1/22 so I don't get destroyed with taxes!

Could someone who knows/has a solo 401k provide some info? thanks!

I have one set up with Fidelity. It was very easy to do. Of course, its too late right now to do it for 2021.

 

[calvnandhobbs68]

Don’t have one setup with fidelity yet but was going to setup with them this year…I know they do them so may have just been the person you were talking to who was confused. They also have their forms readily available online you can just send in.

You might be fine though in terms of contributions because I think at least the employer/profit sharing contribution portion can be made up to April 15 for the previous tax year.

 

[RangerBob]

Don’t have one setup with fidelity yet but was going to setup with them this year…I know they do them so may have just been the person you were talking to who was confused. They also have their forms readily available online you can just send in.

You might be fine though in terms of contributions because I think at least the employer/profit sharing contribution portion can be made up to April 15 for the previous tax year.

I think the account had to be opened prior to the end of the year. But yes, you can wait till April 15 to make any contributions.

I have my solo 401k with Vanguard. It wasn’t too hard to set up.

 

[Iamnew2]

I think the account had to be opened prior to the end of the year. But yes, you can wait till April 15 to make any contributions.

I have my solo 401k with Vanguard. It wasn’t too hard to set up.

Thanks all for the replies! So miraculously I was able to set it up by 12/31! I tried fidelity but they were super dense and kept telling me they didn’t have them so I gave up with them. I wasn’t aware of vanguard but I was able to set it up with ameritrade. I learned today that I have until April 15 so phew! Thanks all!

 

[RangerBob]

Thanks all for the replies! So miraculously I was able to set it up by 12/31! I tried fidelity but they were super dense and kept telling me they didn’t have them so I gave up with them. I wasn’t aware of vanguard but I was able to set it up with ameritrade. I learned today that I have until April 15 so phew! Thanks all!

If it’s set up you’re good! You just have to “elect” to make your employee deferral portion by the end of the year. My accountant said you don’t even have to write anything down. So basically you have until you file taxes to put the entire $58k (for 2021, employee deferral + employer contribution) into the account.

 

[Iamnew2]

If it’s set up you’re good! You just have to “elect” to make your employee deferral portion by the end of the year. My accountant said you don’t even have to write anything down. So basically you have until you file taxes to put the entire $58k (for 2021, employee deferral + employer contribution) into the account.

Yep! Exactly 🙂 So relieved. And I guess it's going up to 61k this year in 2022. I have had to learn all these financial things on my own - it would be so great if residency taught us these things!

 

[RangerBob]

Yep! Exactly 🙂 So relieved. And I guess it's going up to 61k this year in 2022. I have had to learn all these financial things on my own - it would be so great if residency taught us these things!

I was in the same boat. WhiteCoatInvestor and many of the other bloggers he refers to are good resources to be aware of if you're not already.

 

[hallowmann]

Yep! Exactly 🙂 So relieved. And I guess it's going up to 61k this year in 2022. I have had to learn all these financial things on my own - it would be so great if residency taught us these things!

Obviously keep an eye on white coat investor and physicians on fire. If you're on FB, consider the Physician Side Gigs group, because they talk about pros and cons of these and other methods of investing and ways to do other things constantly.

 

[Iamnew2]

Obviously keep an eye on white coat investor and physicians on fire. If you're on FB, consider the Physician Side Gigs group, because they talk about pros and cons of these and other methods of investing and ways to do other things constantly.

Thank you.

 

[GassYous]

Thanks all for the replies! So miraculously I was able to set it up by 12/31! I tried fidelity but they were super dense and kept telling me they didn’t have them so I gave up with them. I wasn’t aware of vanguard but I was able to set it up with ameritrade. I learned today that I have until April 15 so phew! Thanks all!

it is funny how stupid fidelity's employees are. I had the exact same experience and almost switched to schwab but I didn't want to waste time with all the bs paperwork.

 

[Iamnew2]

it is funny how stupid fidelity's employees are. I had the exact same experience and almost switched to schwab but I didn't want to waste time with all the bs paperwork.

I called - talked to someone and they told me no we don't have that. I asked to speak with a manager - manager didn't know anything and tells me how they have been working there for however many years and they assure me they don't have solo 401k. i tell this person - i am literally looking at your website which states otherwise as i am speaking with you. they continue telling me they don't have it. i don't know how to deal with this level of nonsense - what do you do objectively when the manager who should know what products a company sells tells you they don't have what their website says they have? then i found an independent broker who sets up solo 401k for IC through fidelity- but i couldn't talk to them because they were too busy or something. i called again - ground hog day - then i said whatever this is beyond the level of incompetence that i can handle so i called elsewhere.
i just don't quite understand how people can be so clueless.

 

[Raryn]

Weird.

I previously set up my Solo 401k through Fidelity without any issues. In fact, it was in December 2020, and not only were the phone reps super helpful but they also gave me a Fax # to send the application in to make sure it was done before the end of the year (normally they can only be mailed in).

 

[hallowmann]

Weird.

I previously set up my Solo 401k through Fidelity without any issues. In fact, it was in December 2020, and not only were the phone reps super helpful but they also gave me a Fax # to send the application in to make sure it was done before the end of the year (normally they can only be mailed in).

I think they must have gotten flooded because everyone was scared of the backdoor roth disappearing. Either that or they were thinking about changing their own policies.

 

[calvnandhobbs68]

I called - talked to someone and they told me no we don't have that. I asked to speak with a manager - manager didn't know anything and tells me how they have been working there for however many years and they assure me they don't have solo 401k. i tell this person - i am literally looking at your website which states otherwise as i am speaking with you. they continue telling me they don't have it. i don't know how to deal with this level of nonsense - what do you do objectively when the manager who should know what products a company sells tells you they don't have what their website says they have? then i found an independent broker who sets up solo 401k for IC through fidelity- but i couldn't talk to them because they were too busy or something. i called again - ground hog day - then i said whatever this is beyond the level of incompetence that i can handle so i called elsewhere.
i just don't quite understand how people can be so clueless.

All this discussion is actually really helpful bc I was going to setup my solo 401k this year through Fidelity but now I'm probably not. Also you can only mail in checks for your deposits for Fidelity solo 401k WTF.

I have accounts with Vanguard and Etrade too already so I'll probably just setup a solo 401k with Etrade instead. Vanguard has some weird rule where they charge you 20 bucks per fund you hold in the account, Etrade seems to be the most fee/commission free option.

 

[GassYous]

All this discussion is actually really helpful bc I was going to setup my solo 401k this year through Fidelity but now I'm probably not. Also you can only mail in checks for your deposits for Fidelity solo 401k WTF.

I have accounts with Vanguard and Etrade too already so I'll probably just setup a solo 401k with Etrade instead. Vanguard has some weird rule where they charge you 20 bucks per fund you hold in the account, Etrade seems to be the most fee/commission free option.

Yeah it is really fukin annoying when I'm waiting for the office to mail the check/fidelity to clear it and the dip is over already. Lost a few hundred this years from those shenanigans if not more. Not sure why they can't get with the 20th century and do electronic transfers

 

[Iamnew2]

Bc it has to come from an independent account

Yeah it is really fukin annoying when I'm waiting for the office to mail the check/fidelity to clear it and the dip is over already. Lost a few hundred this years from those shenanigans if not more. Not sure why they can't get with the 20th century and do electronic transfers

bc it has to come from an independent account

 

[ThoracicGuy]

All this discussion is actually really helpful bc I was going to setup my solo 401k this year through Fidelity but now I'm probably not. Also you can only mail in checks for your deposits for Fidelity solo 401k WTF.

I have accounts with Vanguard and Etrade too already so I'll probably just setup a solo 401k with Etrade instead. Vanguard has some weird rule where they charge you 20 bucks per fund you hold in the account, Etrade seems to be the most fee/commission free option.

If you have a Fidelity office near you, you can drop off a check with the funds and they will be available for trade that same day.