Taking a participant loan from your 401k is very easy. There are no separate reporting requirements for the loan. All you will need to be able to fund the loan from your 401k to yourself are the proper loan documents.
You can prepare your loan documents at any time after you have:
Submitted the information needed to prepare your plan documents
Signed your plan document signature pages
To have your loan documents prepared you will simply do the following:
Log in to your account at docs.solo401k.com/borrow
Fill in the 4 fields on the form and click submit
Open and print your loan documents which will appear under the “Documents” column of your 401k dashboard
Once you sign the documents, you may fund the loan
Keep your signed loan documents for your records
You can also keep a record of your loan payments back to the plan. This keeps everything in line and documented.