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Old 11-22-2007, 09:29 AM   #1
Dryer sheet aficionado
Join Date: Jul 2007
Posts: 49

Hi everybody:

I'm currently self-employed an participate in a 1 person profit-sharing plan contributing what my maximum income will allow. (roughly 16-17K tax deferred per year)

I just accepted a job with a company and will be participating in THEIR 401K plan. I will definitely be able to reach the max tax deferred contribution allowed for 2008 which is around 15K, right?

My question is:

Can I participate in BOTH the 401K and my personal profit-sharing plan at the same time? Are their limits?

Thanks in advance.

Space Mountain

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Old 11-22-2007, 09:54 AM   #2
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Join Date: Feb 2004
Location: minnesota
Posts: 13,211
This link describes in plain English how to figure out the maximums you can contribute when you have more than one 401k plan:

Common Questions About Retirement Plans

No more lawyer stuff, no more political stuff, so no more CYA

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