SEP IRA and 401(k) contributions
I work for a company and contribute to their 401(k) plan. I am also have a business on the side that I own. Can I contribute to both the 401(k) and establish a SEP IRA to contribute to? Would my 401(k) contributions limit what I can contribute to my SEP?
Permalink Submitted by Alan - IRA critic on Thu, 2016-08-11 18:53
Your 401k contributions do not limit your SEP IRA contributions, and you can contribute to both plans. Of course, your SEP IRA contributions are limited to your net earnings from self employment at the side job only.