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n
Newbie MD
Oct 10, 2005 - 11:16PM
SEP vs self 401K

I discovered the self 401K too late for last year's return. Can I have a SEP for 2004 and self 401K for 2005. Can I contribute to both for 2005?

Thanks.

a
Andrew Schwartz CPA
Oct 11, 2005 - 9:38AM
Re: SEP vs self 401K

If you filed for a first and second extension, you still have until 10/17/05 to fund a SEP IRA for 2004. You can contribute approximately 20% of your net self-employment income.

For 2005, if you set up a Solo 401(k), then that's all you can contribute to. You'll no longer be able to contribute to your SEP.

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