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Can I have two Solo 401k plans?
While theoretically, a self-employed individual can set up multiple solo 401(k) plans, it is generally not a good idea because it can be an audit red flag and will provide no benefit – for example, it will not allow the solo 401k owner/participant to make any additional contributions above the Solo 401k contribution limits (i.e. contributions to both plans would need to be aggregated), nor could the Solo 401k owner/participant take multiple Solo 401k loans in excess of the limits, etc.
