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Hi,
Just took a new position. I am carrying forwards a six-figure 401k balance from my previous employer.
My new employer splits my salary. I'm a government employee, and the institution pays me as a university professor, about $50K of my total salary. This is on a W-2. From this component of my salary, I have a defined contribution plan that requires a 3.5% contribution and then the institution contributes 8% of my gross salary into it. This fund will be with Fidelity.
The remainder of my salary is paid through a LLC to bring our salary up to a level commensurate for a physician. I get a 1099 form for this. For this component, the LLC pays about $9000/yr into a SEP-IRA for us.
I have the option to enroll in government 457b plan.
This is what I would like to do:
Enroll in the defined plan with Fidelity to get the match from my employer.
Max out the 457b (which is $18k a year) using either Fidelity or Vanguard.
I set up a SEP-IRA account with Vanguard. Should I just keep everything with Fidelity?
I wanted to open a solo 401k with Fidelity and use it to roll my previous employers account into, and then use it for any additional contributions I can make. Also, I want to have this open so that I can roll the SEP IRA money into so that I can do a backdoor Roth for me and my husband.
Am I able to open a solo 401k if I have both W-2 and 1099 income?
Is there anything wrong with my logic?
Just took a new position. I am carrying forwards a six-figure 401k balance from my previous employer.
My new employer splits my salary. I'm a government employee, and the institution pays me as a university professor, about $50K of my total salary. This is on a W-2. From this component of my salary, I have a defined contribution plan that requires a 3.5% contribution and then the institution contributes 8% of my gross salary into it. This fund will be with Fidelity.
The remainder of my salary is paid through a LLC to bring our salary up to a level commensurate for a physician. I get a 1099 form for this. For this component, the LLC pays about $9000/yr into a SEP-IRA for us.
I have the option to enroll in government 457b plan.
This is what I would like to do:
Enroll in the defined plan with Fidelity to get the match from my employer.
Max out the 457b (which is $18k a year) using either Fidelity or Vanguard.
I set up a SEP-IRA account with Vanguard. Should I just keep everything with Fidelity?
I wanted to open a solo 401k with Fidelity and use it to roll my previous employers account into, and then use it for any additional contributions I can make. Also, I want to have this open so that I can roll the SEP IRA money into so that I can do a backdoor Roth for me and my husband.
Am I able to open a solo 401k if I have both W-2 and 1099 income?
Is there anything wrong with my logic?
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