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EIN number, solo 401k

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  • EIN number, solo 401k

    I have an old 403b with a previous employer. I am currently a w2 employee with some side 1099 income. I was hoping to move the previous account into a solo 401k or QRP to invest in real estate. But when i applied for the EIN number online on the IRS website, its not going through.

  • #2
    I am not sure why you are having issues with applying for an EIN. We've never had an issue and it only takes about 5-10 minutes.​​​​​​ It may have been a glitch, but here is the link again:
    https://www.irs.gov/businesses/small...ber-ein-online
    Andrew Musbach, CFP® | Co-Founder & Financial Advisor at MD Wealth Management, LLC
    Financial Planning for Physicians | [email protected]

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    • #3
      when i applied through the IRS, I chose sole proprietor. I do have an EIN that was generated by the payroll company when I hired our Nanny. Could it be the reason why or are can you have multiple EINs?

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      • #4
        Originally posted by baulahaMD View Post
        when i applied through the IRS, I chose sole proprietor. I do have an EIN that was generated by the payroll company when I hired our Nanny. Could it be the reason why or are can you have multiple EINs?
        Same thing happened to me a few months ago. My experience in calling the IRS is they said that they will not issue me another EIN and that I should use the EIN I have. My EIN similarly was originally generated by a nanny payroll company!

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        • #5
          Thank you. But will this prevent me from opening a solo 401k since the nanny counts as a full time employee?
          Last edited by baulahaMD; 07-10-2020, 12:20 PM.

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          • #6
            Originally posted by baulahaMD View Post
            Thank you. But will this prevent me from opening a solo 401k since the nanny counts as a full time employee?
            I wish someone with more knowledge than me would reply to you. In my case by that point in the year I was no longer employing anyone nanny-wise and the IRS person said it wouldn't be an issue. I had read the employee issue as well and am hoping someone with more knowledge will reply to you.

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            • #7
              No, it shouldn’t cause a problem.
              Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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