epinaustin

I already put the money into the SEP for this year before I knew about solo 401 k. I found out Schwab has one. I can transfer my SEP to Schwab and open a 401 k. Now I have to figure out where the $18,000 contribution comes from and if I can make that as a lump sum immediately or if it has to come out of payroll.

Hello. Can anyone tell me who offers a prototype SEP IRA. I need to find a financial institution that does so I can also open a solo 401 k. Here is the information from the IRS website. I currently have a 5305 SEP. "You can maintain both a SEP and another plan. However, unless the other plan is also a SEP, you cannot use Form 5305-SEP; you must adopt either a prototype SEP or an individually designed SEP."

Hello, My wife and I own a business with no other employees. We each have a SEP IRA set up and employer contributions for 2017 have been made. I now realize I should have set up solo 401 K accounts. It looks like I can still set up a solo 401k account and make the $18,000 contribution for 2017 if my SEP is not a 5305. I set up the SEP IRA's at Vanguard and don't remember filling out a 5305 form and they have no record. How would I know if I have a 5305 and if I do is it possible to change that? Thank you.