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Asked 1/5/2009
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As a single member LLC, can I set up an individual 401k account under my ITIN or must I apply for an EIN? Where in the IRS regs/publications is this question answered?
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Answer 1/2 - Submitted 1/13/2009
I had looked into this at one point and the first resource I'd point you to is the Journal of Accountancy article on Single-Participant 401k. http://www.journalofaccountancy.com/Issues/2003/Ma r/TheSingleParticipant401K.htm
Regarding whether or not you need to set up an EIN (which takes all of 5 minutes online) you might check with your bank first about what they can do to assist you. They will more than likely have some thoughts and can guide you.
Answer 2/2 - Submitted 1/17/2009
Thanks for taking the time to respond. Since I posed the question, I have always used my SSN for all bank and other accounts. However, upon recently setting up an individual 401k with a mutual fund company they required the EIN. Pub. 1635 states that you must use an EIN to set up a retirement plan, but other IRS publications state that an individual can use SSN for everything.
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