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Solo 401k Name Error/Business name error

Posted: Wed Jun 09, 2021 9:06 pm
by mdbravelion
Hi all,

I am a physician and started a solo401k a few years back. I get paid as a contractor through different entities and agencies for telemedicine work. Stupidly, I named the 'business name' of my solo401k as 'Dr X, telemedicine.' I don't actually have a business name called Dr X, telemedicine, I just get paid as Dr X, and the 1099 income goes to my personal bank account.

Like I mentioned earlier, the name of the 'business' when opening the solo401k was called 'Dr X- telemedicine.' I have also started to make 1099 income for hospital and clinic based work, which is obviously not telemedicine. The money for the hospital/clinic work also goes to my personal bank account and I get paid as Dr X on the check.

Do I legally have to change the 'business' name on the solo401k paperwork? Can I leave it as Dr X - telemedicine, and count all my 1099 income at the end of the year working as a physician(both telemedicine and clinic/hospital)? I don't even have a business name, and I guess by default the name of the business should have just been my name, Dr X. The solo401k is with Fidelity, btw.

Confused, and looking for some assistance.

Re: Solo 401k Name Error/Business name error

Posted: Thu Jun 10, 2021 3:53 am
by Jablean
not an expert but since you don't need a dba (ie you are using your real name as part of the business name) I don't think that Fidelity cares. Now the question is how did you title what you sent to the IRS to get your business IEN? Again, since you are using your name then what's really the difference between. DrX, DrX telemed, DrX Enterprises, DrX consultant, etc

Re: Solo 401k Name Error/Business name error

Posted: Thu Jun 10, 2021 7:01 am
by neurosphere
Nothing prevents Steve's Books and Gifts from opening another location selling goldfish and lumber under the same name. The name of the business doesn't need to be what you are actually getting paid for. Certain states require you to prove you are licenced if you use a word like "MD" in the business name, but otherwise you're ok.

Also, keep in mind it's easy at Fidelity to actually HAVE two businesses you own share the 401k, using a simple amendment to the documents. For example, I use one schedule C and EIN for medical writing, legal consulting, and 1099 medical work. I use another Schedule C for financial planning. I keep the businesses separate but they have the same 401k because they are actually both "me" and one 401k can be used for affiliated business or a controlled group or whatever (note I use those terms loosely, they have specific meanings in certain contexts and aren't necessarily the official term for what I'm describing).