Updated almost 9 years ago on .
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Dispursment from 401k
Trying to understand something here. If I take a disbursement from my company plan 401k after retirement do I have to file a 1099 like I would if it was a solo401k? I guess what I am trying to ask is what is the difference between taking disbursement from the run of the mill 401k and a solo401k? I am getting a solo soon and just wanting to know what will happen in twenty years when I decide to take payments from either type.
My broker is beside herself for me asking that question and sounds suspiciously like one of our presidential candidates on her answer. IOW, there was no answer at all.
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The rules will be the same and a 1099 will need to be filed in both cases. The difference between the 401k your employer setup and a Solo 401k that you setup is likely going to be who is actually issues the 1099. Your employer probably has a 401k administrator that would handle those tasks while with a Solo 401k you will take care of that (with the help of your Solo 401k provider if they offer such assistance).