mkaufman

S-corp will be done on 1120S Sole Prop/DBA/EIN and Name/SSN will be combined in one Sch C since they're both the same business code. Sch C has place for ALL of Name/DBA/SSN/EIN.

thanks. Another twist, what happens if 401k plan is under S-corp/EIN-1. Individual has Sole Prop DBA/EIN-2 and this has been added to S-corp plan as "The term “Employer” includes the following Affiliated Employers covered by the Plan:" Another business pays the individual on a Name/SSN basis.. How to handle this? add Name/SSN to the above as Affiliated Employer or just having a Sole Prop DBA/EIN-2 enough to contribute to same plan?

So, a person can be on a 1099 that is under his SSN. Now he creates a DBA, gets EIN and sets up 401k plan. Does he not need 1099 on his DBA name and EIN OR just the fact that the EIN is tied to his SSN, makes it okay to get 1099 on SSN and still make contribution to 401k plan under DBA/EIN? Not sure if one needs to add Name/SSN as a control group to 401k plan

Apparently, they only want individuals on 1099 not other entities. This is per the advice they get from their 'experts'. I've found it easier to work with clients needs than pushing them to work with mine. Did try to get them to keep status-quo but no dice. Can't afford to let go of client so i will need to adjust to their needs.

Previously when I did 1099 work, I'd give my DBA name - say 'ABC' and EIN of this DBA. i would then get a 1099 based on that DBA Name and EIN. Now, I'll be getting a 1099 under MKK with SSN. So, on Sch-C, yes I can put my SSN but if I add EIN of ABC then will there be a problem if 1099 is directly under MKK and not ABC (the DBA name)?

Hello, Some background: I had a sole-prop some time back and had a self-employed 401k plan with Fidelity with EIN of sole-prop Then I created a s-corp and just used the same plan - changed EIN to S-corp, Name to a generic name - MKK-Plan. All good, no issues. I was thinking of shutting down the sole-prop but never did. Now, one of my clients (for whom I do most of my work) has changed their policy and want me to handle task based on my SSN (1099). Does not want to use EIN of Sole-Prop. I'd asked earlier this question with the understanding that they could use EIN of Sole Prop and found that I could add the EIN of Sole-Prop to my current MKK-Plan. But client wants to pay under SSN only. Can I do the same with my SSN? Fidelity form asks for: The term “Employer” includes the following Affiliated Employers covered by the Plan:, Should I add the following MKK - SSN Thanks,

Thank you. Checked and see that Fidelity's form does provide section to list related employers. Had posted this earlier but not sure why it didn't display

Hello, Some background: I had a sole-prop some time back and had a self-employed 401k plan with Fidelity with EIN of sole-prop Then I created a s-corp and just used the same plan - changed EIN to S-corp, Name to a generic name - MKK-Plan. All good, no issues. I was thinking of shutting down the sole-prop but never did. Now, one of my clients (for whom I do most of my work) has changed their policy and want me to handle task based on sole-prop and NOT through my s-corp. Since I own both entities - S-corp and sole-prop, I'm assuming this becomes a control group and I can make contributions and profit share based on sole-prop earnings to the MKK_Plan as well. When making contributions, Fidelity asks for Employer Name and EIN and I assume, I'll still put in the S-corp name and EIN since that entity is Plan Sponsor, is that correct? Where on 5500 do I indicate that this is a control group? 5500 instructions suggest that I'm still a Single-Employer plan, is that right? Thanks for your assistance.

That is great then. Can change plan name also. Now just waiting for Mike to let me know more about juice/IRS

Not sure I understood the above. Would you care to elaborate? Is this a 'trade' joke?

Thanks Mike. That helps. I have to see if Fidelity would allow me to change the name without any issue or if they'll create any roadblocks. Perhaps I can have a nice name, my initials "MKK-Plan", that would never change no matter what corporate entity I have. Thanks again.

Of course not :-) That would have made things easy and where's the fun there? :-) But jokes aside, now that the name is ABC-001, I do not see a place where I can change Plan Name as well as on 5500-SF to signify the change in Plan Name, unless I've missed those

Thanks Mike. That makes sense. So yeah, no special circumstance so I think I should be fine. I see on 5500 that one can change the Plan Sponsor Name and EIN but can I Change Plan Name - ABC-001 to DEF-001 or does the plan name remain CONSTANT? Thanks,

Thanks for your response. Just to clarify - Was not thinking of "Affiliated Employers" since Sole prop will not be in existence after this year. Was thinking of Sole Prop - ABC, EIN - 123, Plan was ABC-001 S Corp - DEF, EIN-456 Would like to 1)Change plan name to DEF-001 and 2)Change Employer to 'S' Corp and 3)Change Name and EIN of Plan Sponsor to 'S' Corp data. Which of the above steps would not work? Am not sure how you got the impression that I wasn't following Mike's and Lou's suggestions. I'm sure you're mistaken here.

@Mike Preston: Thank you for the response. Could you provide scenario of 'other stuff' that you mentioned? Forgot to mention that I have no employees

Hello, A new member and would like to thank all contributors here on this forum. Have been going over some posts and found them to be very informative. My question: I have a sole prop (and a Self-employed 401k plan with Fidelity) for the past few years. Earlier this year I've created a new entity - A 'S' corp and "gradually" moved all contracts to that 'S' corp. The sole prop will be out of existence after this year. My understanding is that I can use my existing Sole Prop 401k plan with my 'S' corp. I need to change the Sponsor name and EIN on 5500SF and that would work. Does anyone see any issue with this? OR Is it better to create a brand new plan under new 'S' corp and transfer assets from my Sole prop 401k plan to the new plan and then terminate the old plan? Thank you for your assistance.