Originally Posted by wanaberetiree
Well, I do have a full-time job as well as I contract for somebody else on W-2 and 1099 basis.
Am I self-employed?
What is preferable to roll-over to my company 401-K or solo-401k (I like this one)?
Don't look to us for reliable answers to detailed questions, do your homework! I'm too lazy to look everything up, and my memory is only getting worse.
My initial concern was that full-time employment with an employer 401k plan available would make you ineligible for an individual 401k. That is not the case. You can do both, though total contributions to both are limited to the same amount you have with just one. However there are some additional ways to add to your individual 401k.
W-2 work is not eligible for solo 401k contributions or creation. W-2 is not self employment. You do need self employment income to open a 401k. I think 1099 should qualify you. Having to file a Schedule C with your taxes would be a good, but not totally sufficient, indicator. You also can't have any full time employees other than a spouse.
Unless your employer has a really nice plan with funds that you like an can't access through your broker (like a stable value fund), your individual 401k will have better investment choices.
So, I think you can indeed do what you want. But do it carefully. You don't want to have to back out of everything a year later.
Think About Going Solo In Your 401(k) - Forbes