Converting solo k to IRA

Discussion in 'Professional Trading' started by Toonces, Apr 13, 2007.

  1. Toonces


    Has anyone opened up a solo k account, and then converted it to an IRA? I'm not talking about having a 401k plan at a job, and then converting it to an IRA when you no longer work there. I'm talking about having your entity setup a solo k and converting to an IRA while the entity still survives.

    The feedback I've been getting is that this is illegal because you need a triggering event (eg termination, turning a certain age, etc.) to convert.

    If you've done this, which firm did you have your money in? How long did it take to make the conversion?
  2. I think you can do that. You need to file some paperwork to dissolve your entity. Call Fidelity and they will tell you.
  3. Toonces


    But you do have to dissolve the entity? Bummer.