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Arjun
Mar 31, 2011 - 1:01AM
Contribute to both a SE-401k and a money purchase pension plan in the same year?

I have moonlighting income, some of which I sock away in a SE-401k. For 2011, I have already put some money in my SE-401k.

Starting this summer, I will have a full time job that has a money purchase pension plan set up as their retirement plan.

From my understanding, I am required to contribute a certain % of my income to the money purchase pension plan. However, I have already contributed to my SE-401k this year. Can I contribute to both as long as the total contribution is < $49000 between the two? If not, what can I do (since the money purchase pension plan contribution is mandatory?)

Zip Code: 44106

Return to Website  > Index  > General Tax Issues  > Retirement Planning  > Contribute to both a SE-401k and a mo...