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Title pretty much says it all. I am trying to do some work on the side and I wanted to put my current job's 401k money (which 95% of it was rolled over from a previous 401k) into my on 401k that I will soon be opening up. Are there any rules against this? Taxes? I am under 40 yrs of age.
I want to do this so I can do a loan on the funds to buy a house.
According to TD Ameritrade, 401(k) Savings (among others) are generally eligible to be rolled over into your qualified retirement plan, in this case a Simplified Standardized Individual 401(k) Profit Sharing Plan. You may need to do an intermediate roll-over, but check with your plan holder. Qualified Retirement Plan Adoption Agreement
I would expect you to roll your old work 401k into a Traditional IRA (sometimes called a Rollover IRA if sourced from rollover funds). This rollover can be done where there are no taxes due.
Is there a specific reason you want to roll into your self-employed 401k instead of into a traditional IRA?
