Comments on: SEP-IRA and 401K–Can you contribute to both? http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/ Money Management and Personal Finance | The Dough Roller Mon, 13 Feb 2012 05:44:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Alwaysjammin http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-58356 Alwaysjammin Sat, 24 Dec 2011 18:03:40 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-58356 Trav, I have the same question. I am GUESSING that it goes a total of 49k/person regardless of source of income. For instance, I have 2 companies: Company A with an individual 401k and Company B with a SEP-IRA. I am paid a salary of 40k from Company A which allows me to contribute 16,500+10,000 (25% of 40k) = 26,500. If I understand the article correctly, I can still contribute a maximum of 49,000 - 26,500 = 22500 from Company B via a SEP-IRA. Say that I make 80k in Salary from Company B, I can contribute 20K (25% of 80k) into the Sep-IRA. That is my understanding so far at least. Love to hear from others to see if this is accurate Trav, I have the same question. I am GUESSING that it goes a total of 49k/person regardless of source of income. For instance, I have 2 companies: Company A with an individual 401k and Company B with a SEP-IRA. I am paid a salary of 40k from Company A which allows me to contribute 16,500+10,000 (25% of 40k) = 26,500. If I understand the article correctly, I can still contribute a maximum of 49,000 – 26,500 = 22500 from Company B via a SEP-IRA. Say that I make 80k in Salary from Company B, I can contribute 20K (25% of 80k) into the Sep-IRA. That is my understanding so far at least. Love to hear from others to see if this is accurate

]]> By: Amber http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-53337 Amber Tue, 22 Nov 2011 20:39:32 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-53337 I think you can contribute to $2000 *.25 = $400. I think you can contribute to $2000 *.25 = $400.

]]> By: Trav http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-48251 Trav Tue, 18 Oct 2011 02:09:35 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-48251 I have 2 separate businesses. Can i contribute max to my solo 401kplan and max out a sep plan? thanks I have 2 separate businesses. Can i contribute max to my solo 401kplan and max out a sep plan? thanks

]]> By: paul http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-45780 paul Mon, 03 Oct 2011 16:38:27 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-45780 Contribution limits are governed by a couple of different rules. In short though, the maximium limit (46k in years past, 49k in 2010+2011) are combined from employee deferrals, plus match (401k) and profit sharing (401k/PSP or SEP). If you're trying to maximize your deferrals from 2 different plans, it really pays to talk to a CPA as part of your tax filing... since many will also indemnify you if they do it wrong and you get a penalty. Contribution limits are governed by a couple of different rules.

In short though, the maximium limit (46k in years past, 49k in 2010+2011) are combined from employee deferrals, plus match (401k) and profit sharing (401k/PSP or SEP).

If you’re trying to maximize your deferrals from 2 different plans, it really pays to talk to a CPA as part of your tax filing… since many will also indemnify you if they do it wrong and you get a penalty.

]]> By: Ferdinand Cillis http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-27173 Ferdinand Cillis Sat, 25 Dec 2010 20:34:00 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-27173 Thank god for 401k plans. Don't know what we would do without them!! Thank god for 401k plans. Don’t know what we would do without them!!

]]> By: sep ira information student http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-25800 sep ira information student Sat, 30 Oct 2010 05:16:22 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-25800 Gathering Sep IRA information and am happy to learn it won't have to be an either/or situation. I can keep my other plan too. Gathering Sep IRA information and am happy to learn it won’t have to be an either/or situation. I can keep my other plan too.

]]> By: Diana http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-14918 Diana Thu, 10 Sep 2009 16:06:58 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-14918 If I have a small business and I already have a SEP established can I start a nwe 401(k) plan as well? I don't want to contribute to both in the same year, but am I even allowed to start a new plan if the other exists? If I have a small business and I already have a SEP established can I start a nwe 401(k) plan as well? I don’t want to contribute to both in the same year, but am I even allowed to start a new plan if the other exists?

]]> By: Laura http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-11920 Laura Thu, 23 Apr 2009 16:19:31 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-11920 Why do I have to take in my contributions to my employer sponsored 401k to reduce my contributions to my self employed sponsored SEP? In first case I am the employee and in the second case I am the employer. It seems like I only have to take into account all contributions if all contributions are made by the same employer. Why do I have to take in my contributions to my employer sponsored 401k to reduce my contributions to my self employed sponsored SEP? In first case I am the employee and in the second case I am the employer. It seems like I only have to take into account all contributions if all contributions are made by the same employer.

]]> By: Jeff http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-11271 Jeff Tue, 24 Feb 2009 09:58:48 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-11271 If you have a 401k and profit sharing plan that takes you to the max of $46,000, can you still contribute to a SEP_IRA for additional self employed income? If you have a 401k and profit sharing plan that takes you to the max of $46,000, can you still contribute to a SEP_IRA for additional self employed income?

]]> By: adam http://www.doughroller.net/retirement-planning/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/comment-page-1/#comment-10862 adam Fri, 23 Jan 2009 05:00:23 +0000 http://www.doughroller.net/2007/12/17/sep-ira-for-the-part-time-self-employed-who-also-contribute-to-a-401k/#comment-10862 This is helpful, but one remaing question: Does the emmployer match count toward the total 401(k) + SEP limit, or just what the employee contributed? Could somone please answer this questions This is helpful, but one remaing question: Does the emmployer match count toward the total 401(k) + SEP limit, or just what the employee contributed? Could somone please answer this questions

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