Solo 401k End of year checklist
As Plan Administrator of your Solo 401k, you are responsible for administering and maintaining your plan.
Your Solo 401k year-end* checklist is below:
1. Contributions: Calculate, prepare for, and make your contributions for the year
(depending on your business type)
Your contributions must be based on your compensation for the year. Factors such as:
- Your business type
- Your contribution type
will affect how and when contributions are made:
If your business type is a corporation or an LLC with a corporation election, your employee contribution must be processed through payroll.
Give enough time to calculate and notify your payroll provider before they run your payroll at year’s end.
2. Roth conversion: Perform a Roth conversion, if planned
Roth conversions maybe part of your retirement strategy. If you are planning to perform a Roth conversion for this year, you must complete it by December 31st.
3. Required Minimum Distribution (RMD): Take your Required Minimum Distribution, if required
Required Minimum Distributions (RMDs) must be withdrawn by December 31st, for each year after your required RMD beginning date.
4. 1099-R: Plan for your 1099-R(s), if needed
1099-R filing begins in January. You are responsible for your plan’s 1099-R filing, if required.
A 1099-R is required if:
- You performed a taxable event within your Solo 401k, such as a distribution, Roth conversion, or default on a Solo 401k loan
- You formally terminated your Solo 401kand distributed all assets of the plan
Note that Sense Financial no longer offers 1099-R filing service. Our instruction guide:
5. Recordkeeping: Check your records for all Solo 401k transactions that occurred this year
As Plan Administrator, you are responsible for recordkeeping on behalf of your Solo 401k:
6. 5500-EZ: Start preparing for this year’s 5500-EZ that will be due next year
If you operate by the calendar year (ending on December 31st), the deadline for this year’s 5500-EZ filing will be July 31st of next year.
In other words, the 5500-EZ for the year 2025 will be due on July 31st, 2026.
On your 5500-EZ, you will need to enter the value of all assets (cash and investments of your Solo 401k) as of December 31st of this year. Prepare by calculating and gathering the valuations as of December 31st of this year.
*The dates given in this checklist are based on a fiscal year that ends on December 31st. If your plan runs by a non-calendar fiscal year (i.e. it does not end on December 31st), you would use your specific year end.
What our clients are saying:
I started a Solo 401K plan with Dmitriy’s Sense Financial in 2015. It has been a great experience since then and the Solo 401k plan has been a wonderful tool.
Tony S. – Skillman, NJ
In my opinion, anyone that owns their own business should have a Solo 401K, and I would highly recommend Sense Financial – you will not be disappointed!
Ben D. – Spokane, WA
Dmitriy and his staff have been incredibly kind, helpful, and responsive while I have been going through the process of setting up my Solo 401k plan.
Sandra H. – Chicago, IL
Alternate investment options with your self-directed account:
Investments That Make Sense!
It’s Your Money. It’s Your Future. Invest Your Way.
Our expert team is always ready to answer you! Give us a call at (949) 272-8785. You can email us at contact@sensefinancial.com