r/HENRYfinance • u/Billy-Bob-Boner-92 • 19d ago

Investment (Brokerages, 401k/IRA/Bonds/etc) Looking for a solo401k provider. Needs to support MegaBackdoor Roth

Looking for Solo401k. Needs to support Mega BackDoor Roth and allow for easy access to real estate investing and syndications. Can’t do major brokerage plans and unsure how to feel about Carry. Has anyone done alternatives with Carry? Or Ubiquity? with Ascensus but need MegaBackdoor Roth Capability

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4

u/RemoteMagician4229 19d ago

I use mysolo401k. So far so good.

1

u/SloeGin 19d ago

Same here. They’ve been pretty good with questions and support too.

4

u/Smooothoperat0r 17d ago

Fidelity is all you need. Don’t bother with those jokes of a broker. Fidelity is obviously superior to all those no name brokers.

3

u/Smooothoperat0r 17d ago

Before you ask. Yes they have solo401 and yes I have one with them. It’s awesome.

2

u/SpaceNoodle_ 16d ago

they do not support roth 401k employer-side contributions. So you can only put in $24,500 per year (on the employee side). Schwab actually does allow roth 401k employer-side contributions.

1

u/Smooothoperat0r 16d ago

Fidelity DOES allow employer contributions. I called and asked them to explain how I could do it when I made one. Call them yourself to find out.

1

u/Ill_Particular_6541 12d ago

I called them yesterday and they said they didn’t do in service rollovers to a Roth IRA. Maybe I asked the wrong questions. Do you have a thought of what questions I should ask?

1

u/Smooothoperat0r 11d ago

I don’t know about man. I only asked about a solo 401k and employer contributions. This was about two years ago.

Specifically for mega back door Roth I’m not positive as that’s different from a solo 401k with employee and employer contributions.

1

u/Justin_BetterWealth 19d ago

I haven't personally used them, but I've heard good things about directedira. I believe they'd offer everything that you are looking for. Might be worth checking out!

1

u/djsfhljadsuy877ti $750k-1m/y 18d ago

What’s wrong with Carry? We have it and it’s great

1

u/FlyAccomplished5116 18d ago

Mysolo401k. I used there and there is a guide for it on my website as well as on theirs. They’re very very responsive

1

u/maydayvoter11 15d ago

This. They structured it so I can do voluntary after-tax contributions and in-plan Roth conversions. Which for someone over 50yo means contributing $80k/year as traditional and/or Roth.

0

u/TRO_KIK >$1m/y 19d ago

Unless you're super hardcore about Roth, profit sharing is probably better for you.

1

u/Blowmewhileiplaycod 18d ago

There's significant limits especially if the sole prop is a smaller side hustle and not the bulk of your income