Glossary

Opinion letter

IRS letter approving the form of a pre-approved retirement plan document for the current 6-year cycle.

Definition

An IRS opinion letter is the formal IRS approval of a pre-approved Solo 401(k) plan document. The current 6-year Cycle 4 documents have opinion letters dated 2021-2022. Adopting employers should keep the opinion letter date and serial number with their plan records — Solo 5500 Desk records this on the annual passport.

Related terms

Pre-approved planSolo 401(k) document drafted by a sponsor and pre-approved by the IRS via opinion letter — adopting employers rely on the letter.