1. My husband still works and contributes to a 401K there but he has a rollover from his previous employer. Can that be moved into a solo 401K? Yes, if the following is satisfied:
1. In order to participate in a solo 401k plan, you have to be self-employed at least on a part-time basis. VISIT HERE to lean about the eligibility requirements.
2. His current employer would need to allow him to transfer-out funds that were transferred to the plan from his former employer or IRAs. To find out, he will need to check with his current employer. CLICK HERE to learn more.
He also has a ROTH IRA. Can that be moved as well? No because the Roth IRA rules do not currently (Congress has in the past kicked around the idea of allowing for it but has never approved it) allow for the transfer of a Roth IRA to a 401k plan including a self-employed solo 401k plan. Lean more HERE.
Would that be two different accounts each with their own set up fee? Or is he unable to even open one because a) he still works and b) the balances were not from self employment? See my answers above.
2. We own 15 rental houses that we do make income from. We have a property manager but we do some of the work ourselves. We've never actually paid ourselves from our LLC though. How would that work? Do we need to start doing that to make it eligible to put into a solo 401K? In order to participate in a solo 401k plan, the individual(s) must (at minimum) perform self-employment activity. Therefore, if you both work for the LLC--that is, perform material services (e.g., manage the properties), you could both participate in the same solo 401k plan. Effectively, the LLC would sponsor the solo 401k plan and you would both be participants in the same solo 401k plan if you both work for the LLC. This would afford you both the option to make contributions to the plan based on earned income generated from the LLC, and to transfer traditional IRAs and former employer plans to the solo 41k plan.
3. I work part time for a realtor and make a very small income which is reported on a 1099. Does that qualify and can I only contribute what I make? Yes as only part-time self-employment income is required in order to participate in a solo 401k plan. However, you spouse would still need to also perform self-employment income in order to participate in his own and separate solo 401k plan since you would not be self-employed in the same business.
I also have a ROTH IRA. Would that be another separate account? No as stated above.
4. Can we move a bunch of money into one of these accounts which are held at Chase Bank BEFORE we move the money over to the solo 401K? Besides making annual contributions to the solo 401k plan based on net self-employment income generated from the business that sponsors the solo 401k plan, the only other way to get money into a solo 401k plan is by transferring traditional IRAs or former employer plan funds.
5. We think that we can move part of his current 401K out. It is held with Fidelity. Do you know if that is possible? Please see my answer above.