How can I fund my Solo 401(k) plan?
Is there a Roth Solo 401(k) plan that can be funded with plans I currently own? Your Solo 401(k) or individual 401(k) plan can be funded with certain plans you may currently own plus allowable current year contributions. Currently owned plans that can fund your individual 401(k) plan are:
- Rollovers from Traditional IRAs, SEP and SIMPLE plans
- Qualified Plans or Keoghs (Profit Sharing, Money Purchase Pension, Defined Benefit)
- 401(k), 403(b) and 457 plans
You cannot roll currently owned Roth IRA funds or convert Traditional IRA funds into the Roth funds of a Solo (401)k.