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2 Solo 401ks?

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  • 2 Solo 401ks?

    ER doc here.

    I think next year my CMG's contract is gonna be lost sometime next year. I plan on working at same ER but for a different employer...I guess whatever the next CMG will be that takes over the contract.

    Will I be able to make 2 solo 401ks for the same hospital? I will have different employers but essentially someone else is signing off on my checks.

    If not or if so, will I need to create 2 separate accounts or can I just keep the same one with Vanguard? Thanks a ton.

  • #2
    If you are an independent contractor, you do not have employers. You are the employer, a business with clients. In this case if it is a Contract Management Group, your client is not even the hospital rather the CMG. Even if you were contracting with two CMGs at different hospitals, there would still only be one employer (you).

    If you had two separate businesses which delivered fundamentally different products and/or services, then you would have a  choice. Open two different one-participant 401k plans or amend the first plan to add the second affiliated employer (still you). In either case you would have a controlled group and only have one annual addition limit, 2017 = $54K and 2018 = $55K.