BACKGROUND & QUESTIONS: I have started the process of becoming an Uber driver. As an Uber driver, I would claim the income on a schedule C. If that would suffice for being able to start a Solo 401k, I'm interested in starting this process and moving one of my 401ks over to start investing.
With your guidance, I am ready to start the process with MySolo401k. Can I open my own bank account in DC? Also, when you purchase property with this type of account, under what name should real estate contracts be issued in? Am I able to negotiate the contract on my own, of course working through a real estate agent?
ANSWERS: Yes income generated through Uber or Lyft that is reported on a schedule C satisfies the self-employment requirement for participating in a solo 401k.
You can start the process by completing our on-line solo 401k account application.
http://www.mysolo401k.net/
Yes you can open your own bank account in DC.
http://www.mysolo401k.net/
Yes you can open your own bank account in DC.
Yes you can negotiate the real estate investments and see following procedure for how title is taken.
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