How Do You Inherit A Solo 401K Retirement Account?
A solo 401k is also known as the self-employed 401k. It allows a business’s sole proprietor to take profit sharing as well as elective salary reductions from pay and company profits. The solo 401k must have an account administrator just like any other 401k plan. The owner of the 401k is able to name one or more beneficiaries, who can inherit the 401k according to Internal Revenue Service regulations. Obtain a death certificate for the deceased person. Death certificates are available through the coroner’s office, the hospital that pronounced him dead or the county’s vital records office. Contact the solo 401k plan administrator. The number should be located on the account statement. Confirm that you are one of the beneficiaries and request a beneficiary package, which should include the paperwork that reviews your options for inheriting the 401k plan. Read through the paperwork and choose an option. Beneficiaries have the option of taking a lump-sum distribution or stretching the distr
