Self-Directed Solo 401k openning questions

Comment: We talked on the phone awhile. In January I will open my Self-Directed Solo 401k with income from my self-employment business.Would like to open Solo 401k now but my business will report a loss this year.

Solution: You can open Solo 401k this year even if you expect to report business loss this year. Reason being, the Self-Directed Solo 401k rules require the presence of self-employment activity to adopt a Solo 401k. In other words, it is understood that not all businesses are profitable every year, especially in light of recent unfavorable economic conditions. The key is not to make Solo 401k contributions in years that you do not generate self-employment income from services performed. 

Question: Reading the web site I found the option below which is one thing I want to use the solo 401k for.

I want to use an interactive broker account which is a margin account.

Is it as simple as opening the interactive broker account with the Solo 401k account name and EIN number?

Answer: We have a number of clients who have opened brokerage account for their Solo 401k with Interactive Brokers. In addition to completing Interactive’s brokerage account forms, they will need executed copy of your Solo 401k Adoption Agreement and Trust/Plan document which is where Solo 401k providers like us come in. Lastly, they will open the brokerage account in the name of the Solo 401k and under the Solo 401k plan’s EIN.

Question: Also, do I need one EIN number for my self-employed business and another for the Solo 401k?

Answer: Yes you need to establish a separate EIN for your Solo 401k. Please visit Solo 401k EIN to learn the steps. The EIN can be obtained in minutes via the IRS website.