Updated over 6 years ago on . Most recent reply
Non-conforming loan refi- Solo 401K
I have a 2 part question:
1. Can you refinance a non confirming loan (its currently a 7 year balloon) We will full payment in 5-6 more years. If yo can refi, any suggestions on with whom?
2. I want o take my old 401k (I don't work there anymore) and put it in a solo 401k. I currently self employed as a real estate agent with Redfin and I own a sole LLC (but there is nothing inside it and not making any money) can I use my regular W2 job to add funds into a solo 401k? What happens if I become not self employed?
I researched and am getting conflicting info! Thanks so much!
Most Popular Reply
If a business that sponsors a solo 401(k) ceases operations, then it is no longer capable of acting as plan sponsor. The plan must then be terminated and rolled over to an IRA or another 401(k). In certain corporate formats (not sole props or LLC's) it is possible to leave a business registered but mothballed and hold a "frozen" 401(k), but that is a rare exception and certainly not something we would encourage someone to pursue with intention.