Can I roll over my 401K from the previous company into the solo 401k

I work full time for a company on W2. I have a LLC where I do some business on the side.   I recently quit the company I was working for and joined another company fulltime.

QUESTION 1: Am I eligible to open a solo 401k given that I work on W2 for another company?

ANSWER: Provided your LLC is an operating company and you or another partner or spouse are the only employees, you appear to meet to requirements to open a self-directed solo 401k (solo 401k). Note that your LLC owned business can hire part-time employees, generally defined as those working less than 1,000 hours per year. Further, as outlined in IRS Publication 560, an individual can participate in multiple 401k plans, just not exceed the annual contribution limits between all of his or her retirement accounts.

QUESTION 2: Can I roll over my 401K from the previous company into the solo 401k? 

ANSWER: Yes as a solo 401k provider our solo 401k plan allows for incoming transfers/rollovers from other retirement plans such as 401k, PSP, DBP, TSP, 457b, 403b and all IRAs, with the exception of Roth IRA funds which are restricted by law from being transferred to a solo 401k.

QUESTION 3: How can I put away pre-tax earnings from my current job into the solo 401k?

ANSWER: Annual contributions can only be made to a solo 401k stemming from net income generated from the self-employed business that sponsors the solo 401k. However, funds can be rolled over/transferred into the solo 401k from other 401k plans, such as your current employer. You will need to check with your employer to see if they will allow you to transfer out 401k funds while still employed, unless you are 59 ½ or older in which case you should be able to transfer funds.


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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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