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I'm self employed. Can I contribute to my previous employers 401k?
The Next CEO of Stack OverflowCan I contribute to both a solo 401k and a regular 401k in the same year?Moving current employer 401(k) balance into self-directed solo 401k?Individual 401k and employed at another companySelf Employed 401k: contributions vs more available deductionsIndividual 401(k) and Contribution LimitsMoving 401k balance into self-directed IRACan you really contribute over the 401k limit if you have a traditional 401k and a side-hustle?Two 401k accounts with two employers, should I combine them?Maximum 401(k) contribution at end of year self employed?Am I still covered by my self-employed 401(k)?
I have a 401(k) from my previous job. I left and was unemployed, but now I'm self-employed. Is it possible to contribute to that former 401(k)? Or do I have to create a Solo/Individual 401(k)?
united-states 401k sole-proprietorship
edited 2 days ago
JoeTaxpayer♦
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asked 2 days ago
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I have a 401(k) from my previous job. I left and was unemployed, but now I'm self-employed. Is it possible to contribute to that former 401(k)? Or do I have to create a Solo/Individual 401(k)?
united-states 401k sole-proprietorship
edited 2 days ago
JoeTaxpayer♦
146k23236474
asked 2 days ago
se123se123
192
New contributor
se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago
add a comment |
I have a 401(k) from my previous job. I left and was unemployed, but now I'm self-employed. Is it possible to contribute to that former 401(k)? Or do I have to create a Solo/Individual 401(k)?
united-states 401k sole-proprietorship
edited 2 days ago
JoeTaxpayer♦
146k23236474
asked 2 days ago
se123se123
192
New contributor
se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I have a 401(k) from my previous job. I left and was unemployed, but now I'm self-employed. Is it possible to contribute to that former 401(k)? Or do I have to create a Solo/Individual 401(k)?
united-states 401k sole-proprietorship
united-states 401k sole-proprietorship
edited 2 days ago
JoeTaxpayer♦
146k23236474
asked 2 days ago
se123se123
192
New contributor
se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 days ago
JoeTaxpayer♦
146k23236474
asked 2 days ago
se123se123
192
New contributor
se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 2 days ago
JoeTaxpayer♦
146k23236474
edited 2 days ago
JoeTaxpayer♦
146k23236474
edited 2 days ago
JoeTaxpayer♦
146k23236474
146k23236474
asked 2 days ago
se123se123
192
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se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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asked 2 days ago
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192
asked 2 days ago
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se123 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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1
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago
add a comment |
1
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago
1
1
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago
add a comment |
2 Answers
2
active
oldest
votes
No, you can’t. 401(k) plans can only be contributed to by payroll deduction. Once you leave the employer, there is no way to make additional contributions. You are allowed to leave the money in that 401(k) plan when you leave, but you can’t make any additional contributions.
If you want to close that 401(k) account, you can roll that money into an IRA or a Solo 401(k).
answered 2 days ago
Ben MillerBen Miller
82k21225293
add a comment |
I know of no 401(k) that will allow a former employee to contribute new money into a 401(k) program with two possible exceptions:
- The final paychecks, which are likely to be after the last day of work. In the case of paying out of leftover vacation hours, or a severance pay, that can be weeks or months after the last day of work.
- It is possible that they will pay a profit sharing amount after the last day of work. For my current company the amount is announced in the first week of January but paid in February. If you leave in between you still get the money. They always put the money into the 401(k).
The requirement to putting money into a 401K is have either a paycheck, or to roll other retirement money in. And they don't allow either to former employees.
Even if you could find somebody to allow you to contribute, there would not be any matching. Therefore you might as well use a Solo/Individual 401K or IRA for retirement funds.
edited 2 days ago
JoeTaxpayer♦
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
add a comment |
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2 Answers
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2 Answers
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No, you can’t. 401(k) plans can only be contributed to by payroll deduction. Once you leave the employer, there is no way to make additional contributions. You are allowed to leave the money in that 401(k) plan when you leave, but you can’t make any additional contributions.
If you want to close that 401(k) account, you can roll that money into an IRA or a Solo 401(k).
answered 2 days ago
Ben MillerBen Miller
82k21225293
add a comment |
No, you can’t. 401(k) plans can only be contributed to by payroll deduction. Once you leave the employer, there is no way to make additional contributions. You are allowed to leave the money in that 401(k) plan when you leave, but you can’t make any additional contributions.
If you want to close that 401(k) account, you can roll that money into an IRA or a Solo 401(k).
answered 2 days ago
Ben MillerBen Miller
82k21225293
add a comment |
No, you can’t. 401(k) plans can only be contributed to by payroll deduction. Once you leave the employer, there is no way to make additional contributions. You are allowed to leave the money in that 401(k) plan when you leave, but you can’t make any additional contributions.
If you want to close that 401(k) account, you can roll that money into an IRA or a Solo 401(k).
answered 2 days ago
Ben MillerBen Miller
82k21225293
No, you can’t. 401(k) plans can only be contributed to by payroll deduction. Once you leave the employer, there is no way to make additional contributions. You are allowed to leave the money in that 401(k) plan when you leave, but you can’t make any additional contributions.
If you want to close that 401(k) account, you can roll that money into an IRA or a Solo 401(k).
answered 2 days ago
Ben MillerBen Miller
82k21225293
answered 2 days ago
Ben MillerBen Miller
82k21225293
answered 2 days ago
Ben MillerBen Miller
82k21225293
answered 2 days ago
Ben MillerBen Miller
82k21225293
82k21225293
add a comment |
add a comment |
I know of no 401(k) that will allow a former employee to contribute new money into a 401(k) program with two possible exceptions:
- The final paychecks, which are likely to be after the last day of work. In the case of paying out of leftover vacation hours, or a severance pay, that can be weeks or months after the last day of work.
- It is possible that they will pay a profit sharing amount after the last day of work. For my current company the amount is announced in the first week of January but paid in February. If you leave in between you still get the money. They always put the money into the 401(k).
The requirement to putting money into a 401K is have either a paycheck, or to roll other retirement money in. And they don't allow either to former employees.
Even if you could find somebody to allow you to contribute, there would not be any matching. Therefore you might as well use a Solo/Individual 401K or IRA for retirement funds.
edited 2 days ago
JoeTaxpayer♦
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
add a comment |
I know of no 401(k) that will allow a former employee to contribute new money into a 401(k) program with two possible exceptions:
- The final paychecks, which are likely to be after the last day of work. In the case of paying out of leftover vacation hours, or a severance pay, that can be weeks or months after the last day of work.
- It is possible that they will pay a profit sharing amount after the last day of work. For my current company the amount is announced in the first week of January but paid in February. If you leave in between you still get the money. They always put the money into the 401(k).
The requirement to putting money into a 401K is have either a paycheck, or to roll other retirement money in. And they don't allow either to former employees.
Even if you could find somebody to allow you to contribute, there would not be any matching. Therefore you might as well use a Solo/Individual 401K or IRA for retirement funds.
edited 2 days ago
JoeTaxpayer♦
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
add a comment |
I know of no 401(k) that will allow a former employee to contribute new money into a 401(k) program with two possible exceptions:
- The final paychecks, which are likely to be after the last day of work. In the case of paying out of leftover vacation hours, or a severance pay, that can be weeks or months after the last day of work.
- It is possible that they will pay a profit sharing amount after the last day of work. For my current company the amount is announced in the first week of January but paid in February. If you leave in between you still get the money. They always put the money into the 401(k).
The requirement to putting money into a 401K is have either a paycheck, or to roll other retirement money in. And they don't allow either to former employees.
Even if you could find somebody to allow you to contribute, there would not be any matching. Therefore you might as well use a Solo/Individual 401K or IRA for retirement funds.
edited 2 days ago
JoeTaxpayer♦
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
I know of no 401(k) that will allow a former employee to contribute new money into a 401(k) program with two possible exceptions:
- The final paychecks, which are likely to be after the last day of work. In the case of paying out of leftover vacation hours, or a severance pay, that can be weeks or months after the last day of work.
- It is possible that they will pay a profit sharing amount after the last day of work. For my current company the amount is announced in the first week of January but paid in February. If you leave in between you still get the money. They always put the money into the 401(k).
The requirement to putting money into a 401K is have either a paycheck, or to roll other retirement money in. And they don't allow either to former employees.
Even if you could find somebody to allow you to contribute, there would not be any matching. Therefore you might as well use a Solo/Individual 401K or IRA for retirement funds.
edited 2 days ago
JoeTaxpayer♦
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
edited 2 days ago
JoeTaxpayer♦
146k23236474
edited 2 days ago
JoeTaxpayer♦
146k23236474
edited 2 days ago
JoeTaxpayer♦
146k23236474
146k23236474
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
answered 2 days ago
mhoran_psprepmhoran_psprep
69.5k897175
69.5k897175
add a comment |
add a comment |
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1
A solo/individual 401(k) is often much better for you, as you use the full limits.
– Aganju
2 days ago
@Aganju: Not only that, but lower expenses and many more investment options.
– Ben Voigt
2 days ago