I am a sole proprietorship s-corp with a 5305 SEP IRA that has been open for several years. I am trying to transition to a solo 401K in 2024, but have already contributed to my SEP IRA for 2024. From what I understand, it is now possible under the Secure Act to transition between plans in the same calendar year, but you cannot have both types of accounts open during the same calendar year, so I will need to terminate the SEP IRA. What do I need to do / consider in terms of transitioning any contributions already made under the SEP IRA to the Solo 401k before the December 31 deadline for solo 401K contributions?
