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Contribution to SEP IRA, 401k and IRA

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If I am 53 years old, am an employee of a company that has establish a SEP. My current year salary is $18,000. How much may I contribute to my 401k during 2009? May I make additional deductible contribution myself to an IRA?

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  • +1 Votes Thumb up 1 Thumb down 0

    Pinyo on May 28, 2010

    Employers usually provide either 401k or SEP IRA, but not both. Anyway, contribution to SEP IRA or any IRA doesn’t affect what you can contribute to 401k. In most cases, you can contribute the maximum of $16,500 to 401k assuming you make more than $16,500.

    Some employers do put a percentage restriction — i.e., 75% — on your contribution. If your employer restrict your contribution to say 75%, then you can only contribute $13,500.


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