Having a Solo 401k Plan and an Employer-Sponsored 401k
Many self-employed professionals hold a business or a contract-based position while working a full-time job. In this Solo 401k Quick Tip video, Sense Financial talks about the possibility of having both a regular employer-sponsored 401k and a Solo 401k plan at the same time.
Having a Solo 401k Plan and an Employer-Sponsored 401k
You can work full time and receive benefits from an employer, while doing freelancing jobs or starting your own side-business. Therefore, it is possible to contribute to both an employer-sponsored 401k and a Solo401k at the same time. Keep in mind that the salary deferral contribution limit is per person, not per plan. This means if you have reached the maximum limit of salary deferral with your employer-401k, then you will not be able to contribute any more as salary deferral to your Solo401k plan.