FIN for a sole proprietorship

[KevinMc]

Is it necessary for a sole proprietor to have a TIN to put in place a 401-k plan. My thought is yes because it must appear on the 5500 but just wanted to check and see if anyone had any input?

[Lou S.]

Yes. You need an employer identification number.

[BG5150]

And, I would think a Trust Identification Number, b/c any payouts come from the trust, not the company.

[chc93]

Yes... our sole-prop plans have both an EIN for the sole-prop and a TIN for the plan trust.

[K2retire]

And, I would think a Trust Identification Number, b/c any payouts come from the trust, not the company.

Unless the record keeper issues the 1099 using their own EIN.

[movedon]

You can get by without a TIN, but ya' gotta have an EIN.