What type of administrative costs and maintenance is required to maintain a Solo 401(k) Plan?
The solo 401(k) plan is easy to operate. There is generally no annual filing requirement unless your Solo 401(k) Plan exceeds $250,000 in assets, in which case you will need to file a short information return with the IRS (Form 5500-EZ).
Beyond this reporting requirement, basic reporting requirement ought to be maintained. This essentially means to keep all records, receipts, contracts relating to the Solo 401(k) and its investments on file.
Please contact one of our 401(k) Experts at 800-472-0646 for more information.