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Daryl
Jul 12, 2009 - 2:53AM
SEP IRA and Individual 401k

Hi, I have a question regarding retirement savings. I am currently an independent contractor and established a SEP IRA last year. I made a contribution of $900 for this year and have now discovered that the individual 401k would be a better choice for me (higher contribution). My question is if I have already made a contribution this year to my SEP IRA, am I allowed to open up and make a contribution to an individual 401k account? I was told by someone from Fidelity that I couldn't, but have read elsewhere that I could. Thank you for your help.

Zip Code: 85383

a
Andrew Schwartz CPA
Jul 12, 2009 - 5:35PM
Re: SEP IRA and Individual 401k

Thanks for your question. Please note that I moved the question to Retirement Planning. Please try to post to the individual forums whenever possible.

Zip Code: 01801

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