Howdy,
to the CPAs out there, if I am working and using the 401k at work, and in the same year I have my own business, with an EIN #, and do contract work, can I open a SEP with the 401k?
Is it possible to have a 401k at the 9-5, a SEP for the self employed contract, and a Roth at the same time?
you can contribute to both a SEP and 401(k), but your ultimate limit is $15,000 in combined contributions ($20k if you’re over 50). Note that this is the limit on YOUR elective contributions. Your employer can still make contributions up to 25% of compensation up to around $50k.
you can still contribute to a Roth, but not a traditional IRA.
If you’re looking to put in that kind of dough, you should first do some year-end tax planning with a good CPA.