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I'm self employed. Can I contribute to my previous employers 401k?

Can 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)?

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3

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

share|improve this question

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  A solo/individual 401(k) is often much better for you, as you use the full limits.
  
  – Aganju
  Mar 30 at 12:30
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Aganju: Not only that, but lower expenses and many more investment options.
  
  – Ben Voigt
  Mar 30 at 13:29
  

  
  
  
  

add a comment | 

3

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

share|improve this question

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  A solo/individual 401(k) is often much better for you, as you use the full limits.
  
  – Aganju
  Mar 30 at 12:30
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Aganju: Not only that, but lower expenses and many more investment options.
  
  – Ben Voigt
  Mar 30 at 13:29
  

  
  
  
  

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

share|improve this question

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

share|improve this question

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

share|improve this question

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

edited Mar 30 at 12:46

JoeTaxpayer♦

149k23241479

asked Mar 30 at 8:57

se123se123

192

asked Mar 30 at 8:57

se123se123

192

2 Answers
2

active

oldest

votes

5

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).

share|improve this answer

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

add a comment | 

3

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.

share|improve this answer

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

add a comment | 

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5

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).

share|improve this answer

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

add a comment | 

5

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).

share|improve this answer

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

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).

share|improve this answer

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

share|improve this answer

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

answered Mar 30 at 12:00

Ben MillerBen Miller

82.4k21225296

3

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.

share|improve this answer

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

add a comment | 

3

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.

share|improve this answer

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

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.

share|improve this answer

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

share|improve this answer

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

edited Mar 30 at 12:47

JoeTaxpayer♦

149k23241479

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177

answered Mar 30 at 12:05

mhoran_psprepmhoran_psprep

70.9k899177