If I am self-employed AND also work for an employer, can I contribute to both an SE 401K & my employer's 401K? | 401k Questions

Question

Asked 4/23/2008

If I am self-employed AND also work for an employer, can I contribute to both an SE 401K & my employer's 401K?

Answers

Answer 1/2 - Submitted 4/23/2008

yes

Answer 2/2 - Submitted 4/24/2008

Yes, but the contribution limit is $15,500 combined....so the only advantage to doing so would be if your compensation in one or the other plans is limited. Otherwise you should be contributing the maximum to get the match in each plan and then maximizing the contribution in whichever plan offers the best investments...and for those reading this....no, the SE 401k doesn't always offer the best investments.

The other limit is the DC plan limit of 46k. This is a PLAN limit so you can exceed that amount on an individual level. So make sure you maximize your employer and employee contribution in the SE plan.

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