401K and SEP maximum contribution

Submitted by Scott Gorham on Sun, 2013-09-29 18:02

Does anybody remember which past issue(maybe a few years ago) addresses the maximum 415c contribution limits from unrelated jobs to 401k AND SEP ?

I have 1 job which puts me at 415c limits.

I am also a Financial Advisor. With the Financial Advisor I have 2 LLC’s with 2 different Tax ID numbers. 1 source of income is Securities related from my Registered Investment Advisor. The other source of income is from my insurance business.

My Contention is all 3 incomes are unrelated jobs therefore I should be able to contribute or company contributions the max 415 limits to 401K. Also should be able to contribute the max(up to 415c to SEP’s) to the other 2 financial incomes also.

My CPA is telling me the financial incomes do not qualify for the 2 separate $51,000 contribution limits.

Thank you



Submitted by Alan - IRA critic on Sun, 2013-09-29 23:15

There are aggregation adn affiliated service group rules under which the two LLCs are considered one employer since you control both of them. The other job would allow a second 415c limit as long as it is a different employer and not aggregated with the LLCs.

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