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Contributing to Solo 401k TD Ameritrade for first time

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  • Contributing to Solo 401k TD Ameritrade for first time

    I recently rolled over some funds from an IRA into a solo 401k that I opened because I have 1099 business and I wanted to be able to do a backdoor Roth.

    I opened that Solo 401k with just my SS# as I was told that would be ok. This is the first time I'm funding that account with a check from earnings and just wanted to make sure i'm doing it correctly.

    Can i just write a personal check from our checking account to TD Ameritrade with the Solo 401k account number on it and be good?

    I plan to remove the 7.65% SE tax and about 3/4 of my average annual expenses to be safe and contribute again once I know my final taxable earning for 2019.

    Thanks

     

     

     

  • #2




    I opened that Solo 401k with just my SS# as I was told that would be ok.
    Click to expand...


    Are you doing business with your SSN (sole proprietor) or with an EIN (SP/LLC)? I would imagine you would use the same.




    Can i just write a personal check from our checking account to TD Ameritrade with the Solo 401k account number on it and be good?


    If you have a business account, transfer the money from there to keep things clean. If you don't, can use a personal account. Why a check? I do Electronic funds transfer for everything of this nature.




    I plan to remove the 7.65% SE tax and about 3/4 of my average annual expenses to be safe and contribute again once I know my final taxable earning for 2019.


    You can contribute on any schedule, if you are not paying trading fees: biweekly, monthly, q3/6 months. Use an online calculator to calculate contribution amount. I find the Oblivious Investor Solo 401k calculator pretty accurate. It is better to undershoot that overshoot. Remember, contributon deadline for 2019 is all the way upto Apr 15, 2020- so you can make up any shortfall.

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