QUESTION 1: My wife and I are Realtors, commission based only. To set up
a solo 401k account do we each need to have an EIN or just one of us? Primarily
our commissions are in my name/SSN as we are trying to keep my SSN benefits
maxed. We file jointly and do business in our names and not in a business name.
ANSWER: Any business entity type can adopt a solo 401k plan. Both spouses can participate
in the solo 401k plan if both are performing self-employment activity. If only
one is performing self-employment activity, then just that one can participate in
the plan. The EIN is for the solo 401k plan so just one EIN is required.
QUESTION 2: Can we utilize Vanguard?
ANSWER: Unfortunately, Vanguard
does not support the self-directed solo 401k (a type of solo 401k that allows
for solo 401 loans and investments in alternative investments such as real
estate and precious metals to name a few). However, Fidelity, Schwab and TD Ameritrade
do offer brokerage account for the self-directed solo 401k. Click here
to learn about the Fidelity brokerage account for the self-directed solo 401k.
Regards,
John in Montana
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