You can transfer old traditional IRAs, and any old 401(k) money (traditional OR Roth). You cannot transfer Roth IRAs into a solo 401(k). Contributions must come from self-employment income in the business the plan was opened for.
How do I initiate a transfer or Rollover to fund my Solo 401(k)?
You will email our support team to get your first transfer process started. Login to your dashboard to find our support email. Please DO NOT initiate a transfer until you have your plan docs signed.
Remember that you cannot transfer funds from a Roth IRA into a Solo 401(k).
When transferring funds to your Rocket Dollar account, ALL checks should be made to the plan name.
How do I transfer funds from an old workplace retirement plan or IRA
If you are transferring from a previous employer retirement plan, please reach out to your old 401k plan providers/administrators to initiate the rollover directly into your new Solo 401k.
When rolling over from a Workplace Qualified plan, you must "push" the funds out of the plan by reaching out to your HR/plan provider and personally initiate the rollover.
- When you review a transfer form from a workplace plan you want to move funds from, If the plan asks for a “plan number” of the where you are rolling over to, you can typically put 001, as you are in individual solo 401(k). This number is usually used to identify many different plans, and specific employees for example: Fidelity 401(k) division serving Verizon Savings plan number 75343, employee account number 1304191. Solo 401(k)s do not have a plan number, and typically only have one or two employees.
- To complete the rollover, if it is a wire, you can input the Solera Bank account number and wire information. If it is a check, you can scan the check with the Solera Mobile tools.
- If you are transferring from an IRA, The first step is to call your current IRA custodian and ask them to direct you to their IRA Distribution form to complete a direct rollover to a new workplace 401k plan. Using their distribution form to "push" the funds out would be the fastest way.
Your Rocket Dollar dashboard has a 401(k) Rollover Contribution Form that you should complete as the administrator/custodian of your Solo 401k. You could then load it onto your Dashboard for future reference. This is solely for record-keeping/plan administration.
What if I’m funding through a contribution?
Please complete the 401k_Contribution_Form available on your Rocket Dollar Dashboard. You can keep them for your own records or load them onto your Dashboard for future reference. You can also use the Solera app to remote deposit the check or ACH/Fed Fund Wire (outgoing fees from your bank could apply)
What about if I have an old Solo 401(k) I want to roll into Rocket Dollar?
Please inform support right after purchasing a solo 401(k) into Rocket Dollar. You can see your support options in your client dashboard after purchasing. There are some additional steps to take over a Solo 401(k) that is already operational.
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