SDIRA vs Solo401k - IRS have any issue with Checkbook control?
I've been looking into SDIRA vs. Solo 401k options for a while and read many posts related to that. Based on my reading and understanding, it seems that that Solo401K is a much better option than SDIRA-LLC and one can do it even if I am on W2/full time employed, just by setting up some micro business.
Actually, I am a licensed RE Agent and already have set up S-Corp for the same. I and My wife have some money in 401Ks with our previous employers and I was wondering if Solo401K is a better, feasible and viable option for us. In fact, I was very close to make a decision and talked to couple of facilitators/custodians including Equity Trust. I was told (misleaded???) by Equity Trust that I still need a custodian (not HAVE TO but SHOULD) to avoid any issues/possible audits from IRS. They also mentioned the same with regard to Checkbook control saying..IRS don't like that idea and you are more likely to get on IRS radar...They also tried to convenience me that many facilitator who advocates Checkbool Solo401k are doing so because they are NOT custodians and it is not the right thing to do.
I don't want to get stuck into Analysis Paralysis but want to make sure I get it right since it is not easy to fix once it is set up.
Would appreciate views and inputs from experienced BP members...
thanks!