General
4 articles
What do I do with 1099s and K-1s received by my plan?
Receiving a 1099 or K-1 issued to your IRA or Solo 401(k) is normal. These forms require different handling depending on which type you received, but in most cases, no tax filing is needed. Why does my plan receive these forms? When an investment ...
Does my plan need to issue 1099-NECs?
Yes. Your IRA LLC, IRA Trust, or Solo 401(k) issues Form 1099-NEC to the service vendors it pays, under the same filing obligations that apply to any other business or individual making payments in the course of business. A missed or late filing ...
Does my plan need to file a tax return?
Most self-directed plans file nothing. Two situations create an obligation: the plan earns unrelated business income, or a Solo 401(k) exceeds the Form 5500-EZ asset threshold. Your plan type determines which can apply. When an IRA needs to file An ...
How do I value the assets in my plan?
Why valuation is required The IRS requires annual reporting of IRA account values on Form 5498. Your custodian prepares this form but relies on you to report the value of assets they cannot look up on an exchange. For Solo 401(k) plans with assets ...