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Return to Website  > Index  > General Tax Issues  > Retirement Planning  > Re: 401k and SEP-IRA?
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Andrew Schwartz CPA
Jun 18, 2009 - 5:21PM
Re: 401k and SEP-IRA?

We get this question at my office a lot.

Even if you max out your salary deferrals into a 401k or 403b plan through your employer, you can also generally max out your SEP contribution based on your net self-employment income. This year, you can put away up to 20% of the first $245k you earn into a SEP for a total of $49k.

If you owned more than 50% of the practice where you work, then you might not be able to do a SEP in addition to the employer sponsored plan. In this case, your self-employed business and the practice where you work would be considered one entity for retirement plan purposes.

Zip Code: 01801

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