Solo 401k - 2 income sources?

[MrWonderful]

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.

[jfoxcpacfp]

Yes, that would be appropriate.

[MrWonderful]

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

[jacoavlu]

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

[MrWonderful]

Great, thank you

[spiritrider]

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.