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401k

  • Avatar Solaris3 
    Participant
    Status: Physician
    Posts: 4
    Joined: 12/09/2018

    If one has an independent contractor 1099 hospital job and maximizes a self-employed 401k for that job, and this person gets a 2nd unrelated 1099 job (such as doing disability evaluations), can this person open a 2nd self-employed 401k account?

    Hospital Job 401k: $19 (deferral), $36 (profit sharing)
    Disability Evaluation Job 401k: $0 (deferral), 25% of 1099 income (profit sharing)

    #214599 Reply
    Avatar jacoavlu 
    Moderator
    Status: Physician, Small Business Owner
    Posts: 1848
    Joined: 03/01/2018

    You could theoretically establish another 401k plan with a different “business name” and unique EIN but it would be pointless because they would fall under a controlled group – both “businesses” fully owned by you – and therefore contributions and limits would be aggregated as if they were one plan

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #214603 Reply

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