ANSWER: The setup of a self-directed Solo 401k charged by solo 401k providers ranges from $395.00 up to $2,500. While the solo 401k plan documents offered by solo 401k providers including self-directed solo 401k providers are approved by the IRS through the issuance of an IRS opinion letter, the market obviously supports the high solo 401k setup fees.
QUESTION 2: Ongoing/ annual fees for maintenance?
ANSWER: Most self-directed solo 401k providers annual fee ranges from $125.00 to $195.00; however, some charge $40.00 per month while others charge from $400 to $550 per year.
QUESTION 3: Specific list of eligible purchases?
ANSWER: Self-directed Solo 401k plans may be invested in any investment not disallowed under the IRS code. Examples of allowable Solo 401k investments include real estate, precious metals, promissory notes, tax liens, private company shares, equities and commodities.
QUESTION 4: What bank do you set these up in?
ANSWER: The self-directed solo 401k bank account can be setup at any bank or credit union. A brokerage account may also be opened at Charles Schwab, Fidelity or TD Ameritrade with a checkbook feature as long as the solo 401k plan document of a self-directed solo 401k provider is adopted and submitted with the applicable brokerage account forms.