can I contribute to my compaines 401K and a seperate retirement account from my own small business?
I have a day job and a small business that I do at night and on the weekends. Can I set up a SEP for my own company if I contribute to the 401K my day job has for me?
Filed under: 401k
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Yes if you do not own the day job company. Keep in mind though that if you are not maximizing your day job 401k then you might be better served maximizing that contribution instead of a SEP as the SEP is limited to 25% of the income if it’s an C-Corp and 20% if it’s an S-Corp. And, depending on your income level, desire to fund into a ROTH, and corporate status of side job you may be better served if it were a solo-401(k)