Solo 401(k) for Asset Consolidation (No Contribution)?

Submitted by A Ramos on Wed, 2012-03-21 12:37

Is it permissible to create a Solo 401(k) for Asset Consolidation purposes only – i.e. rolling over of other IRAs for separation of basis? No contribution will be made or would be eligible. The taxpayer is owner of an insolvent corporation with no income.



Submitted by mk foss on Wed, 2012-03-21 16:57

A qualified retirement plan like a solo 401(k) requires an employer and at least one employee. It would be better to use IRAs for consolidation purposes.



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