Hi all! I'm new to this forum, but found MMM earlier this year. I've been frugal and a great saver my whole life, but this year I woke up to actively investing money which I've been quite bad at the last few years (I'm 27, so I've got time..although I wish I started earlier).
My job is in event marketing and I work in the field freelance, but I am hired by large agencies, usually on a 1099. This can vary depending on the company (because I freelance, I work for several companies and sometimes I'm paid as an employee-but never given access to their benefits). This year I worked for one agency on a 9 month contract. The first quarter of the year, I was paid by the company as an employee, but our client requested that we be moved to 1099, which is how I've been getting paid since late March-April. I have filed my taxes as a sole proprietor since I graduated college. Because of the type of work I do, I have never had access to a 401K and I just discovered the Solo 401K. For the last few years, I have been maxing out a Roth IRA for $5,500, but this year I'd like to max out a Solo 401K as well (don't yell at me, but I do have the cash available to move over a lump sum from a high-interest checking account). I am looking to do a traditional 401K at this point (I make less than $60K, so it's my understanding that I'll be eligible for the full tax deduction). I spoke with someone at Vanguard today, and I should be eligible, but looking at the forms, I need an EIN. So now I have to apply for an EIN, etc (I usually use my SS#, but apparently I can't for this) and I'm wanting to verify this with some people who have more experience. Looking at the IRS site regarding applying for an EIN is a bit intimidating.
Also, I know some people prefer Fidelty's Solo 401K to Vanguard, and my parents have money saved with Fidelty that they've been happy with.
I was looking to Vanguard because:
1-I already have accounts with them, and I like being able to view everything in one place
2-I am a Voyager member, so I wouldn't have to pay the $20/fund fee (not that this is a huge fee, but it's nice..)
3-I have been very happy with Vanguard thus far. Although people knock their CS for low fees, I had a really great experience when I called them.
4-I am just looking to start a basic traditional 401K. I don't have anything to roll over, from past employers, etcetc. The plan is to keep my Roth IRA's as-is (for now) and then max-out a Solo 401K
5-Even though you can't buy Admiral shares for Vanguards Solo 401K (bummer), the fees still seem to be lower than other providers. Is this correct?
Any direction in applying for an EIN in my situation? And any reason I might be missing to look into Fidelty over Vanguard for Solo 401K?
Please be kind-I've got the saving/frugal part under control, but I'm still learning about how I can maximize tax advantages, etc