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Asked 9/30/2009
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Can I contribute to a previous employer's 401k plan if my current employer does not yet have one? I have taken a new job with a start-up company that does not yet have a 401k plan. Can I take a percentage of my salary and contribute it to an existing plan from my previous employer which is with a large investment firm.. If yes how do I report that contribution to the IRS.
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Answer 1/1 - Submitted 10/1/2009
No... Most 401k plan can only take contributions through payroll deduction, and only from active employees...
Your only option without having another plan is to open an IRA.. you can contribute to that as you see fit, up to the annual limit. --You can also roll the old plan into the IRA if you wish to have all your eggs in one basket. The firm you worked for should have an IRA.. or a TPA (third party administrator) that can set you up w/ an IRA.. if not your bank should offer them as well
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