Author Topic: 401k ?  (Read 2013 times)

alexabreana

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401k ?
« on: October 14, 2017, 10:36:56 PM »
Does anyone know if I can open a 401k with vanguard if my government work offers me a 401k already. My government jobs  401k does not have a match and the fees are very expensive. The bank is Wells Fargo with very limited funds. . I have an IRA w vanguard and I love it.
Thanks in advance 😉
. Kristina

terran

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Re: 401k ?
« Reply #1 on: October 14, 2017, 10:38:49 PM »
What are your income sources. Do you have any self employed and/or 1099 income, or only W2 income?

alexabreana

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Re: 401k ?
« Reply #2 on: October 14, 2017, 10:44:03 PM »
I have both a 1099 for part time real estate and W2 from Government job. 

terran

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Re: 401k ?
« Reply #3 on: October 14, 2017, 10:57:18 PM »
I guess I should have been more specific -- it would need to be a 1099-misc. I think there are other types that could apply to real estate. If you have self employment and you are the only employee you would be good to go on setting up a solo 401k at vanguard. There would be contribution limits based on the self employment income -- you wouldn't be able to count the w2 income or investment income.

alexabreana

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Re: 401k ?
« Reply #4 on: October 14, 2017, 11:01:22 PM »
Thank you. I appreciate your advice 😊

 

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