Solaris3ParticipantStatus: PhysicianPosts: 4Joined: 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)May 14, 2019 at 7:39 pm MST #214599jacoavluModeratorStatus: Physician, Small Business OwnerPosts: 2244Joined: 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