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cpatel75
Returning Member

I closed my biz that has i401k and now i am opening same type of biz in new state and want to contribute to i401k.Do I need to close previous i401k and open a new i401k?

I moved out of state, so i closed my previously owned LLC (solo) and opened a new LLC (solo) in newer state. I need some help how to navigate around solo 401k. Open new solo 401k or amend existing solo 401k and update with new biz info?
3 Replies
Anonymous
Not applicable

I closed my biz that has i401k and now i am opening same type of biz in new state and want to contribute to i401k.Do I need to close previous i401k and open a new i401k?

you do not need a new solo  401k account because you are starting business in another state.   the IRS rules and limits would not change.   whether the state allows a full deduction for its income tax purposes for the contribution is a different matter but that does not affect  federal taxation/deductibility

cpatel75
Returning Member

I closed my biz that has i401k and now i am opening same type of biz in new state and want to contribute to i401k.Do I need to close previous i401k and open a new i401k?

Does it mean, I only need to change LLC info with my solo 401k service provider e.g. Fidelity or Vanguard? If yes, then this makes over all process simple for contribution.

Critter
Level 15

I closed my biz that has i401k and now i am opening same type of biz in new state and want to contribute to i401k.Do I need to close previous i401k and open a new i401k?

Correct ... contact he solo 401K administrator for their requirements. 

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