Question about EIN

[socaintexas]

I'm thinking about doing a solo 401K for my 1099 income.  I understand that to do that I need an EIN?  Once I get that do I need to alert the two entities I do contract work for so that they can change it from my SS# or do the two link up?

[jfoxcpacfp]

socaintexas wrote:

I’m thinking about doing a solo 401K for my 1099 income.  I understand that to do that I need an EIN?  Once I get that do I need to alert the two entities I do contract work for so that they can change it from my SS# or do the two link up?

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Yes, you need an EIN. You can obtain one in just a few minutes using this link.

You will need to submit a W9 form to them. If you are incorporated, they are not required to send you a 1099 form, but they usually do, anyway. I believe PDF filler is free.

[socaintexas]

Thanks!

[Android]

Johanna, I have two separate 1099 gigs. One with the medical school, teaching medical students, and one moonligting for an unrelated out of state hospital. I openened two separate I-401ks in 2016, one with vanguard and one with etrade. Can I contribute the employeer component (I've already maxed out my employee side with W2 income) to both accounts prior to the tax deadline? Do I need two separate EINs? The hospital income is tied to an EIN but the med school just used my SSN when issuing the 1099.

[jfoxcpacfp]

Android wrote:

Johanna, I have two separate 1099 gigs. One with the medical school, teaching medical students, and one moonligting for an unrelated out of state hospital. I openened two separate I-401ks in 2016, one with vanguard and one with etrade. Can I contribute the employeer component (I’ve already maxed out my employee side with W2 income) to both accounts prior to the tax deadline? Do I need two separate EINs? The hospital income is tied to an EIN but the med school just used my SSN when issuing the 1099.

Click to expand...

Yes, you have until 4/18 to contribute. You really need to combine your IC ventures on one schedule C under one EIN. No need to over complicate this with 2 sch C's and 2 EINs. However, you're going to have to nominee the income reported under your SSN to the sch C with the income reported under your EIN. You can contribute a % based only upon the net income on your sch C, not the gross reported on your 1099s.

Quite frankly, you should be working with an experienced CPA for return prep.

[Android]

Sorry to bother you again. I do plan on using an accountant next year because it took me an inordinate amount of time to figure out my taxes. That said, I'm nearly done and just need to contribute my non-elective contributions (employer contributions) to my Individual-401ks. I'm sure that I am contributing the correct amount. What I am not sure is, can I contribute my non-elective contributions to two separate I-401k's? My teaching income to Vanguard and my moonlighting income to etrade?

[Android]

Also, do I need 2 EIN #s. It looks like I opened both accounts under the same EIN (which is directly tied to my moonlighting income).