How many Solo 401ks can you have?

[ShahMD]

Hello all,

I'm going to be an Independent Contract worker and maxing out my own 401k (18k +35k) @ 53k hopefully next year. My question is if I pick up multiple side gigs as an IC with different hospitals. As long as I am an IC at each hospital (not being paid by a locums company and rather each individual hospital), could I theoretically save in multiple Solo401ks? Should I even bother and just throw it all into 1 solo401k as "IC work outside of my main IC job?" Thanks for the help.

[jfoxcpacfp]

ShahMD wrote:

Hello all,

I’m going to be an Independent Contract worker and maxing out my own 401k (18k +35k) @ 53k hopefully next year. My question is if I pick up multiple side gigs as an IC with different hospitals. As long as I am an IC at each hospital (not being paid by a locums company and rather each individual hospital), could I theoretically save in multiple Solo401ks? Should I even bother and just throw it all into 1 solo401k as “IC work outside of my main IC job?” Thanks for the help.

Click to expand...

They will all be treated as one aggregate SOLO-k b/c you are the same owner of all of the businesses. So, yes, much easier to have a single business to run all through. If you were employed by a hospital and had multiple IC gigs of your own, you could fill up your 401k at work and then fill up a SOLO-k with the IC gigs but only 1 employee-funded $18k across both 401k's.

[The White Coat Investor]

Remember when you're an IC you're the business and the hospital/gig is the customer, not the business. So it's one business with multiple customers, so one 401(k).

[ShahMD]

Thank you all for your answers.