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Solo 401k - 2 income sources?

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  • Solo 401k - 2 income sources?

    Is it acceptable to direct self employment income from 2 different sources ([1] a single-member LLC and [2] a sole proprietorship) to the same Solo 401k? Thank you.

  • #2
    Yes, that would be appropriate.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Originally posted by jfoxcpacfp View Post
      Yes, that would be appropriate.
      When I set up the Solo 401k, I obtained an EIN for sole proprietor only to open the 401k. The LLC was formed later for a different endeavor, and the LLC has a separate EIN. Does that matter if both income sources, with 2 different EINs, are directed to one solo 401k which was opened with the EIN I obtained for Sole Prop only? Forgive my ignorance here, thank you

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      • #4
        Originally posted by MrWonderful View Post

        When I set up the Solo 401k, I obtained an EIN for sole proprietor only to open the 401k. The LLC was formed later for a different endeavor, and the LLC has a separate EIN. Does that matter if both income sources, with 2 different EINs, are directed to one solo 401k which was opened with the EIN I obtained for Sole Prop only? Forgive my ignorance here, thank you
        solo 401k app may have a place you can list “affiliated entities” or something like that. Either way it all goes to one plan. Single member LLC is a disregarded entity for tax purposes.

        it’s all schedule C income and it’s all in a controlled group

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        • #5
          Great, thank you

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          • #6
            jacoavlu is correct for Fidelity. You just have to amend your adoption agreement and add any affiliated employers where asked.

            E-Trade, Schwab, TD Ameritrade and Vanguard's adoption agreement has explicit language that all affiliated employers are covered whether you like it or not.

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