Ein

Forum|Forum|4 years ago
February 16, 2022
11 replies
36 views

I have a client that has an S-corp. He wants to set up a solo 401(k). Does he need a separate EIN for the 401?

ProSeries Professional

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J

jeffmcpa2010

Level 10

Is he administering his own 401K? Everyone I have seen has always been through a financial/broker or similar, that takes care of all that.

K

KrazyAuthor

Level 2

He is using a broker, but the broker is unsure if he needs a separate EIN. So, it's in my lap. I'm getting mixed info from the IRS site as well as searching on the internet.

J

jeffmcpa2010

Level 10

Google found me the answer below: based on which I say yes it needs a number, but if the account is already opened and funded it must already have a number, or else the Broker might have used the wrong number on the account.

rbynaker

Level 13

I don't think an EIN is absolutely necessary unless/until you have to start filing 5500 forms.

I started my Solo fairly late so I still have <$250K of assets and am still just using my business EIN. If/when I get over the $250 I will apply for an EIN and notify the broker accordingly.

I'm at the point of burn-out on this stuff that I just have to trust that my younger self knew what he was doing at the time. 🙂 I have a calendar reminder every year in January to check the account balance for 5500 filing.

Rick

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