
Just making sure I understand everything…
Thanks, NB
Answer: Correct in that the 2 bank accounts are for the same Solo 401k plan; however, a separate bank account is required for each Solo 401k participant for holding his or her respective solo 401k plan funds.
Note that your wife can be employed with your business and therefore participate and make contributions to the Solo 401k as long as she receives self-employment compensation, all the while continuing to have a full-time job and participating in that 401k. The rule is that she cannot exceed the annual 401k contribution limit to all plans combined.