"I did have a employer 401K account from my previous employer, can I use that 401K account for investments or do I need to have a new 401K Individual account. "
You are required to establish a separate 401(k) plan and account.
You have until the due date of your 2023 tax return (without extensions) to establish an individual 401(k) plan, elect to make an employee deferral and make the employee and employer contributions with respect to your 2023 net earnings from self-employment. (IRS Pub 560 has not yet been updated to reflect the new establishment and election deadlines provided by recent updates to the tax code made by the SECURE and SECURE 2.0 Acts.)
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