I currently have a Solo 401k plan for my S-Corp business
that only has my wife and I as employees.
I would like to move my 401k to a Self-Directed Solo 401k, but I currently have a Solo 401k loan against it.
QUESTION 1:
Can I transfer my Solo 401k to Self-Directed Solo 401k with the outstanding Solo 401k loan?
ANSWER: The regulations allow the
transfer of Solo 401k loan to another 401k such as a Self-Directed Solo 401k.
However, before you open self-directed Solo 401k, you will need to check with your current Solo 401k provider as to whether or not they will allow you to
transfer the outstanding Solo 401k loan as they are not required to allow for
it.
QUESTION 2:
We also have a Traditional IRA and a ROTH IRA from a previous employer. Can
these be rolled into the solo 401k as well?
ANSWER: The Traditional IRA can be
transferred to Solo 401k plan; however, the IRA regulations do not allow for
the transfer of Roth IRA to Solo 401k.
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