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Self-employed 401k FAQ: Will my spouse and I receive separate EINs for our Solo 401k sub-accounts?
QUESTION:
My spouse and I have a business that sponsors our Solo 401k plan. Since the Solo 401k requires each of us to have our own bank account, do I need another EIN number for my account?
RESPONSE:
The employer identification number (EIN) is for the solo 401k plan not for each participant. Therefore, not only does the solo 401k require its own separate EIN (i.e., you can’t use your business EIN for your SSN), but just one EIN applies to the solo 401k plan. Each participant’s holding account (e.g., bank or brokerage accounts) will be opened in the name of the solo 401k using the plan’s EIN.
