If my spouse and I both contribute to the Solo 401(k) Plan are we both permitted to use the loan feature?
Yes. One of the main advantages of the Solo 401(k) Plan is that it allows participants to borrow up to $50,000 or 50% of their account value (whichever is less) for any purpose. Thus, you and your spouse would each be permitted to borrow up to $50,000 ($100,000 total) to be used for any purposes, including financing a business.
Please contact one of our 401(k) Experts at 800-472-0646 for more information.