Pension roll over
Hello,
If I open a solo 401(k) based on a side income, can I roll over a terminated pension from my current W-2 employer into the solo 401(k)? Does the roll over require the solo 401(k) to have an EIN?
If the solo 401(k) has a Roth option, how does it compare to the Roth IRA?
Can funds in the solo 401(k) Roth be rolled over into the Roth IRA?
Thanks.
Steph
Permalink Submitted by Alan - IRA critic on Thu, 2019-04-18 17:50
The solo K must already have an EIN, you cannot use your SSN. Whether your plan can accept rollovers from other plans depends on the plan provisions as affected by the provider. This is also true with respect to offering a Roth option in the solo K. There are several differences between a designated Roth and a Roth IRA, including contribution limits, taxation of distributions, and RMDs required from a designated Roth.