I work in a hospital and have a small amount of moonlighting income, paid as 1099 (about 20,000). Can I max out my 401k, 403b (with work salary) and still set up a SEP-IRA with me as the only owner (with moonlighting income). What are the contribution limits for each of these? Thanks!!

Zip Code: 02138

You sure can.

For 2009, you can contribute a total of $16.5k into retirement accounts as salary deferrals - no matter how many places you work. Each employer can then contribute a total of $49k on your behalf - less your salary deferrals.

Since the SEP in not considered salary deferrals, you can contribute 20% of your net moonlighting income into your SEP. The one exception would be if you owned more than half of the practice where you work. In that case, your moonlighting business and your practice would be considered one business for retirement planning purposes.

I hope this helps you out.

Zip Code: 01801