Rollover distribution from Solo401k to IRA account

Forum|Forum|2 years ago
January 22, 2024
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I am terminating my solo401k plan and doing a distribution to a regular IRA account.

I am a bit confused when filing the 1099-R where it requires a PAYER and a RECIPIENT's name and TIN.

The Solo401k plan was held in a trust account at one institution where I was the sole trustee. Is the "Payer" the actual trust's EIN or the company EIN that was operating the business or my personal SSN?

The IRA account is held in another institution under my name. Is the Recipient my own SSN?

Not A Product Question

Best answer by dmertz

The payer's TIN cannot be a SSN, it must be an EIN. I would imagine that you used the trust's EIN when establishing the solo 401(k) plan.

Critter-3

The trustee of the solo401K will issue the 1099-R to you ... you do not need to issue one to yourself. Ask the trustee when the 1099-R will be issued. And it is not a distribution ... it is a rollover and the 1099-R should have a code G in box 7.

miamicuseAuthor

That's why I am a bit confused, I am the trustee of the solo401k plan, and it was created years ago by rolling over from my original IRA account to a solo401k plan held in a trust account with me as the trustee, for the purpose of using the funds for passive real estate investment. Now that I am done with it, I closed the trust account and rolled the funds back to the original IRA account.

So I guess I am issuing the 1099-R to myself, and in the 1099-R form I put "G" in box 7, but I am not sure what goes into PAYER name, PAYER TIN, RECIPIENT name and TIN. I think the recipient name is my personal name and SSN. The payer name and TIN will be the trust's name and EIN or still my personal name/SSN?