Self-employed Solo 401k Daily Question – Can I rollover my former employer funds to my spouse’s Solo 401k?

Self-employed Solo 401k Daily Question: My spouse has a Solo 401k. Can I rollover my former employer funds to my spouse’s Solo 401k?

In order to participate in your spouse’s Solo 401k (and then rollover funds) you would need to be working in the self-employed business and reporting your own self-employment income.

We have many clients where there are multiple people participating in the same solo 401(k) plan such as a spouse situation. For example, let’s say you have two spouses who are both realtors and are both individuals are working in the same business and each is reporting his or her own separate self-employment income. There is no W-2 employees other than spouses that work for the business.

In that case, they would be able to set up one solo 401(k) plan and both may participate in the plan via different subaccounts (e.g. one account in the name of the plan for the benefit of the first spouse and a second account in the name of the plan for the benefit of the second spouse).   

The second spouse may then rollover funds from a former employer plan to their solo 401(k) subaccount and then start using right away (e.g. take a Solo 401k loan, invest in alternative investments such as real estate or crypto etc.).

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About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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