Can I rollover my IRA with another provider into a Carry Solo 401k?
If you have a traditional or Roth IRA with another provider that you want to rollover into a Carry Solo 401k Plan, there are two options you can take (the second option is easier).
Option #1: Contact your IRA provider and ask them to rollover your IRA assets to Carry’s Solo 401k.
Technically, going from an IRA to a solo 401k is considered a “reverse rollover” so we can’t initiate it on our end.
You need to contact your IRA provider directly and have them:
(a) Either send it to our custodian directly via wire, check or ACH — we can send you info here.
(b) Have them send it to you and you use the contribution form to do a rollover into our system — again via ACH or wire. If you choose this route, you have 60 days from receiving the money to do this so it isn’t taxed as a distribution. Also, a 60-day rollover can only be done once annually.
Option #2: Move the funds to a Carry IRA first.
Option #2 is the much simpler option since moving from one IRA provider to another is very straightforward.
Open a Carry IRA if you haven’t already. This should only take 10 minutes if you’ve never opened a Carry retirement before, and under 5 minutes if you already have.
Once you have a Carry IRA, we can do a custodian to custodian transfer from your old IRA to the Carry IRA. We should be able to do this by having you send us the account details of the provider you want to move from, and you typically don’t need to even contact your old provider about the transfer.
Once the money is in a Carry IRA, it’s a lot easier for us to do an internal transfer to a Carry Solo 401k Plan.